Zacks Investment Research Lowers FormFactor Inc. (FORM) to Hold
According to Zacks, “FormFactor, is the largest probe card manufacturer in the semiconductor industry as well as the largest supplier of probe cards to the SOC probe card market. The company’s second quarter earnings exceeded the Zacks Consensus Estimate. The company has proved agile in dealing with the secular decline in the PC market by increasing focus on the Mobile SoC and Mobile DRAM probe card segments where growth prospects remain very bright. However, nature of the business necessitates long lead times and customer concentration, which should be kept in mind when investing in the shares.”
Several other brokerages have also recently weighed in on FORM. Citigroup Inc. boosted their price target on shares of FormFactor from $8.25 to $10.00 and gave the company a neutral rating in a research report on Wednesday, August 3rd. TheStreet raised shares of FormFactor from a hold rating to a buy rating in a research report on Wednesday, August 3rd. B. Riley reissued a buy rating and set a $13.00 price target on shares of FormFactor in a research report on Wednesday, August 3rd. Needham & Company LLC reaffirmed a buy rating and issued a $13.00 target price (up previously from $11.00) on shares of FormFactor in a research report on Wednesday, August 3rd. Finally, Craig Hallum assumed coverage on shares of FormFactor in a research report on Thursday, September 22nd. They issued a buy rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. FormFactor currently has a consensus rating of Buy and an average target price of $12.17.
Shares of FormFactor (NASDAQ:FORM) opened at 10.80 on Tuesday. The stock has a 50 day moving average of $10.35 and a 200-day moving average of $8.81. The company has a market capitalization of $762.10 million, a PE ratio of 32.05 and a beta of 0.95. FormFactor has a 12-month low of $6.15 and a 12-month high of $11.19.
FormFactor (NASDAQ:FORM) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $83.10 million for the quarter, compared to analysts’ expectations of $78.23 million. FormFactor had a net margin of 7.27% and a return on equity of 0.11%. The company’s revenue was up 55.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. Analysts predict that FormFactor will post $0.45 earnings per share for the current fiscal year.
In other FormFactor news, Director Dennis Thomas St sold 23,120 shares of the business’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $10.51, for a total transaction of $242,991.20. Following the sale, the director now directly owns 164,933 shares in the company, valued at $1,733,445.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Delateur sold 10,000 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $10.74, for a total transaction of $107,400.00. Following the sale, the director now owns 22,000 shares in the company, valued at $236,280. The disclosure for this sale can be found here. Company insiders own 2.84% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in shares of FormFactor during the first quarter worth about $9,595,000. Dimensional Fund Advisors LP raised its stake in shares of FormFactor by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,999,711 shares of the company’s stock worth $44,947,000 after buying an additional 923,309 shares during the period. Ameriprise Financial Inc. acquired a new stake in shares of FormFactor during the second quarter worth about $7,495,000. Emerald Acquisition Ltd. acquired a new stake in shares of FormFactor during the second quarter worth about $7,493,000. Finally, Vanguard Group Inc. raised its stake in shares of FormFactor by 19.2% in the second quarter. Vanguard Group Inc. now owns 4,995,618 shares of the company’s stock worth $44,911,000 after buying an additional 803,484 shares during the period. Institutional investors own 89.46% of the company’s stock.
FormFactor, Inc designs, develops, manufactures, sells and supports semiconductor probe card products. The Company is a supplier of probe cards to the manufacturers of dynamic random-access memory (DRAM), flash memory devices, microprocessor, chipset and other system on chip (SoC) devices. Semiconductor manufacturers use its probe cards to perform wafer test, which is the testing of the semiconductor die, or chips.
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