FormFactor Inc. (FORM) Lowered to “Hold” at Zacks Investment Research
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.”
A number of other equities research analysts also recently weighed in on FORM. Needham & Company LLC boosted their price target on shares of FormFactor from $10.00 to $11.00 and gave the stock a buy rating in a research note on Monday, June 27th. B. Riley reaffirmed a buy rating and issued a $11.00 target price on shares of FormFactor in a research note on Tuesday, June 28th. Stifel Nicolaus raised shares of FormFactor from a hold rating to a buy rating and set a $13.00 target price for the company in a research note on Tuesday, August 2nd. Citigroup Inc. upped their target price on shares of FormFactor from $8.25 to $10.00 and gave the company a neutral rating in a research note on Wednesday, August 3rd. Finally, TheStreet raised shares of FormFactor from a hold rating to a buy rating in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $12.17.
FormFactor (NASDAQ:FORM) opened at 10.66 on Tuesday. The company’s 50 day moving average is $10.31 and its 200-day moving average is $8.75. FormFactor has a 1-year low of $6.15 and a 1-year high of $11.19. The firm has a market cap of $752.22 million, a price-to-earnings ratio of 31.63 and a beta of 0.95.
FormFactor (NASDAQ:FORM) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.02. The business earned $83.10 million during the quarter, compared to the consensus estimate of $78.23 million. FormFactor had a net margin of 7.27% and a return on equity of 0.11%. FormFactor’s revenue for the quarter was up 55.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. On average, analysts predict that FormFactor will post $0.45 EPS for the current fiscal year.
In other FormFactor news, Director Richard Delateur sold 10,000 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $10.74, for a total transaction of $107,400.00. Following the sale, the director now directly owns 22,000 shares of the company’s stock, valued at $236,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis Thomas St sold 23,120 shares of the company’s stock in a transaction on Friday, August 5th. The stock was 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 disclosure for this sale can be found here. Company insiders own 2.84% of the company’s stock.
A number of hedge funds have recently bought and sold shares of FORM. Primecap Management Co. CA raised its stake in FormFactor by 1.4% in the first quarter. Primecap Management Co. CA now owns 8,336,959 shares of the company’s stock valued at $60,610,000 after buying an additional 114,041 shares during the period. Menta Capital LLC raised its stake in FormFactor by 85.2% in the first quarter. Menta Capital LLC now owns 31,213 shares of the company’s stock valued at $227,000 after buying an additional 14,357 shares during the period. Boothbay Fund Management LLC purchased a new stake in FormFactor during the first quarter valued at about $106,000. Bank of Montreal Can purchased a new stake in FormFactor during the second quarter valued at about $183,000. Finally, Royce & Associates LP raised its stake in FormFactor by 16.9% in the second quarter. Royce & Associates LP now owns 1,419,059 shares of the company’s stock valued at $12,757,000 after buying an additional 204,852 shares during the period. 89.46% of the stock is currently owned by hedge funds and other institutional investors.
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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