FormFactor (NASDAQ:FORM) Stock Jumps 9.1% – Here’s What Happened

FormFactor, Inc. (NASDAQ:FORM)’s share price was up 9.1% during mid-day trading on Wednesday. The company traded as high as $94.76 and last traded at $93.4110. Approximately 136,187 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,656,006 shares. The stock had previously closed at $85.63.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FORM. Cantor Fitzgerald reiterated an “overweight” rating on shares of FormFactor in a report on Tuesday, September 22nd. Freedom Capital raised FormFactor from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 2nd. Evercore set a $150.00 price target on shares of FormFactor in a report on Thursday, July 30th. Stifel Nicolaus set a $115.00 target price on FormFactor in a report on Tuesday, October 13th. Finally, Zacks Research downgraded shares of FormFactor from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.25.

FormFactor Trading Down 3.6%

The business’s 50-day simple moving average is $113.02 and its two-hundred day simple moving average is $113.89. The company has a current ratio of 3.68, a quick ratio of 3.02 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $7.22 billion, a PE ratio of 42.16 and a beta of 1.27.

FormFactor (NASDAQ:FORM) last announced its earnings results on Wednesday, October 28th. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.18. The company had revenue of $280.55 million for the quarter, compared to analyst estimates of $270.52 million. FormFactor had a return on equity of 18.40% and a net margin of 17.72%. FormFactor’s quarterly revenue was up 38.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 EPS. On average, analysts predict that FormFactor, Inc. will post 2.96 earnings per share for the current year.

Insider Transactions at FormFactor

In other FormFactor news, CEO Mike Slessor sold 11,098 shares of the company’s stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $125.20, for a total value of $1,389,469.60. Following the completion of the transaction, the chief executive officer owned 455,596 shares in the company, valued at approximately $57,040,619.20. This represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kelley Steven-Waiss sold 2,100 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $96.10, for a total value of $201,810.00. Following the completion of the sale, the director owned 24,426 shares in the company, valued at approximately $2,347,338.60. This represents a 7.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,708 shares of company stock valued at $3,425,102. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FORM. NorthCrest Asset Manangement LLC boosted its stake in FormFactor by 0.5% during the third quarter. NorthCrest Asset Manangement LLC now owns 18,442 shares of the semiconductor company’s stock valued at $2,529,000 after buying an additional 89 shares in the last quarter. V Square Quantitative Management LLC grew its stake in FormFactor by 96.1% during the 3rd quarter. V Square Quantitative Management LLC now owns 253 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 124 shares in the last quarter. Mirador Capital Partners LP increased its stake in FormFactor by 0.8% in the 3rd quarter. Mirador Capital Partners LP now owns 18,089 shares of the semiconductor company’s stock valued at $2,701,000 after buying an additional 145 shares during the period. Keating Financial Advisory Services Inc. acquired a new position in shares of FormFactor in the second quarter worth $25,000. Finally, Brighton Jones LLC raised its stake in shares of FormFactor by 12.5% during the 3rd quarter. Brighton Jones LLC now owns 1,439 shares of the semiconductor company’s stock worth $215,000 after purchasing an additional 160 shares in the last quarter. 98.76% of the stock is currently owned by institutional investors.

FormFactor Company Profile

FormFactor, Inc. designs and manufactures testing and measurement products used in the development and production of semiconductor devices. Its offerings include probe cards, which connect test equipment to semiconductor wafers, as well as probe stations and related systems for electrical and thermal characterization. The company’s products support testing at multiple stages of semiconductor development and manufacturing, including work on advanced integrated circuits and other complex devices. FormFactor serves customers around the world, including semiconductor manufacturers and research organizations.