FormFactor, Inc. (NASDAQ:FORM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
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 reported better-than-expected second quarter results surpassing the Zacks Consensus Estimates on both counts. Results were driven by contribution from the acquisition of Cascade Microtech and growth in all business segments. Year to date, the stock has outperformed the industry it belongs to. 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.”
FORM has been the subject of several other research reports. B. Riley restated a “buy” rating and set a $17.00 price target on shares of FormFactor in a report on Saturday, July 1st. Needham & Company LLC restated a “buy” rating and set a $18.00 price target (up previously from $16.00) on shares of FormFactor in a report on Thursday, August 3rd. BidaskClub cut FormFactor from a “hold” rating to a “sell” rating in a report on Thursday, July 6th. DA Davidson restated a “buy” rating and set a $20.00 price target on shares of FormFactor in a report on Thursday, August 31st. Finally, Citigroup Inc. restated a “neutral” rating and set a $15.00 price target (up previously from $13.50) on shares of FormFactor in a report on Monday, June 5th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $17.43.
Shares of FormFactor (FORM) traded up 0.440% on Tuesday, hitting $17.125. The stock had a trading volume of 210,433 shares. The stock’s market capitalization is $1.24 billion. The firm has a 50-day moving average price of $15.49 and a 200-day moving average price of $13.51. FormFactor has a 52 week low of $8.55 and a 52 week high of $17.30.
FormFactor (NASDAQ:FORM) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.12. FormFactor had a positive return on equity of 15.62% and a negative net margin of 1.32%. The firm had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $134.53 million. During the same quarter last year, the business posted $0.13 earnings per share. The firm’s revenue was up 73.3% on a year-over-year basis. Equities analysts expect that FormFactor will post $1.22 earnings per share for the current fiscal year.
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In related news, CFO Michael M. Ludwig sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $14.07, for a total transaction of $140,700.00. Following the completion of the sale, the chief financial officer now directly owns 267,977 shares of the company’s stock, valued at approximately $3,770,436.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael M. Ludwig sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $14.21, for a total value of $426,300.00. Following the sale, the chief financial officer now directly owns 262,847 shares of the company’s stock, valued at $3,735,055.87. The disclosure for this sale can be found here. Insiders sold a total of 43,725 shares of company stock valued at $623,844 over the last ninety days. Corporate insiders own 2.84% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA lifted its stake in shares of FormFactor by 8,988.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 137,782 shares of the semiconductor company’s stock worth $1,708,000 after acquiring an additional 136,266 shares during the last quarter. Alpha Windward LLC bought a new stake in shares of FormFactor during the 2nd quarter worth approximately $418,000. Comerica Bank bought a new stake in shares of FormFactor during the 2nd quarter worth approximately $1,010,000. Insight Capital Research & Management Inc. bought a new stake in shares of FormFactor during the 2nd quarter worth approximately $368,000. Finally, Kennedy Capital Management Inc. lifted its stake in shares of FormFactor by 79.9% during the 1st quarter. Kennedy Capital Management Inc. now owns 597,655 shares of the semiconductor company’s stock worth $7,082,000 after acquiring an additional 265,415 shares during the last quarter. 86.55% of the stock is owned by hedge funds and other institutional investors.
FormFactor Company Profile
FormFactor, Inc is a provider of test and measurement solutions. The Company’s segments include the Probe Cards segment and Systems segment. The Company designs, manufactures and sells multiple product lines, including probe cards, analytical probes, probe stations, integrated measurement systems, thermal sub-systems, reliability test systems, and related services.
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