Zacks Investment Research upgraded shares of Axcelis Technologies, Inc. (NASDAQ:ACLS) from a hold rating to a buy rating in a research note issued to investors on Friday. They currently have $24.00 price target on the semiconductor company’s stock.

According to Zacks, “Axcelis Technologies is a leading producer of ion implantation equipment used in the fabrication of semiconductors. The company also produces dry strip, photostabilization and rapid thermal processing equipment, which is used in semiconductor manufacturing primarily before and after the ion implantation process. In addition, the company provides extensive aftermarket service and support, including spare parts, equipment upgrades, maintenance services and customer training. “

Other research analysts have also recently issued research reports about the company. Benchmark Co. restated a buy rating and issued a $24.00 price target (up previously from $21.00) on shares of Axcelis Technologies in a research report on Friday, May 5th. B. Riley restated a buy rating and issued a $30.00 price target on shares of Axcelis Technologies in a research report on Wednesday, May 10th. Wedbush raised their price target on Axcelis Technologies from $23.00 to $27.00 in a research report on Friday, June 16th. Needham & Company LLC restated a buy rating and issued a $23.00 price target (up previously from $20.00) on shares of Axcelis Technologies in a research report on Friday, May 5th. Finally, Stifel Nicolaus dropped their price target on Axcelis Technologies from $19.00 to $16.00 and set a hold rating for the company in a research report on Friday, May 5th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $24.67.

Shares of Axcelis Technologies (NASDAQ ACLS) traded up 1.75% during midday trading on Friday, reaching $23.25. 599,442 shares of the company’s stock traded hands. The stock’s 50 day moving average is $22.72 and its 200-day moving average is $17.99. The company has a market capitalization of $699.71 million, a PE ratio of 39.08 and a beta of 1.09. Axcelis Technologies has a 52 week low of $9.88 and a 52 week high of $26.52.

Axcelis Technologies (NASDAQ:ACLS) last announced its quarterly earnings results on Thursday, May 4th. The semiconductor company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.08. Axcelis Technologies had a return on equity of 9.19% and a net margin of 6.48%. The business had revenue of $86.90 million during the quarter, compared to analysts’ expectations of $80.15 million. During the same quarter last year, the business posted $0.02 earnings per share. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. On average, analysts forecast that Axcelis Technologies will post $1.20 earnings per share for the current fiscal year.

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In related news, Director Joseph P. Keithley sold 20,000 shares of Axcelis Technologies stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $24.58, for a total transaction of $491,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mary G. Puma sold 187,500 shares of Axcelis Technologies stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $21.05, for a total value of $3,946,875.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 608,009 shares of company stock valued at $13,254,355. 5.66% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. Bank of Montreal Can raised its stake in shares of Axcelis Technologies by 106,193.5% in the second quarter. Bank of Montreal Can now owns 329,510 shares of the semiconductor company’s stock worth $6,902,000 after buying an additional 329,200 shares during the last quarter. Hood River Capital Management LLC raised its stake in shares of Axcelis Technologies by 39.9% in the first quarter. Hood River Capital Management LLC now owns 794,552 shares of the semiconductor company’s stock worth $14,938,000 after buying an additional 226,611 shares during the last quarter. Donald Smith & CO. Inc. raised its stake in shares of Axcelis Technologies by 6.9% in the first quarter. Donald Smith & CO. Inc. now owns 2,996,651 shares of the semiconductor company’s stock worth $56,337,000 after buying an additional 192,111 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Axcelis Technologies by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,766,009 shares of the semiconductor company’s stock worth $33,200,000 after buying an additional 163,016 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Axcelis Technologies during the fourth quarter worth about $2,082,000. 76.97% of the stock is currently owned by hedge funds and other institutional investors.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. The Company also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training.

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