Needham & Company LLC Reaffirms “Buy” Rating for Amkor Technology (NASDAQ:AMKR)

Amkor Technology (NASDAQ:AMKR)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports. They presently have a $40.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 27.11% from the stock’s previous close.

Several other research firms have also recently commented on AMKR. The Goldman Sachs Group assumed coverage on Amkor Technology in a research note on Thursday, February 29th. They issued a “neutral” rating and a $32.00 target price on the stock. Fox Advisors assumed coverage on Amkor Technology in a research note on Thursday, March 14th. They issued an “equal weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Amkor Technology has an average rating of “Moderate Buy” and a consensus target price of $34.33.

Amkor Technology Trading Up 2.8 %

NASDAQ:AMKR opened at $31.47 on Tuesday. Amkor Technology has a fifty-two week low of $17.58 and a fifty-two week high of $37.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.31 and a quick ratio of 2.02. The stock has a market capitalization of $7.74 billion, a PE ratio of 21.55 and a beta of 1.96. The business’s 50-day simple moving average is $31.60 and its 200-day simple moving average is $29.73.

Amkor Technology (NASDAQ:AMKR) last released its quarterly earnings data on Monday, February 12th. The semiconductor company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.07. Amkor Technology had a return on equity of 9.37% and a net margin of 5.53%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the business posted $0.67 EPS. Amkor Technology’s revenue for the quarter was down 8.1% on a year-over-year basis. Sell-side analysts expect that Amkor Technology will post 1.63 earnings per share for the current fiscal year.

Insider Transactions at Amkor Technology

In other news, CFO Megan Faust sold 2,700 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $30.34, for a total transaction of $81,918.00. Following the sale, the chief financial officer now owns 38,811 shares in the company, valued at approximately $1,177,525.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Megan Faust sold 2,700 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $30.34, for a total transaction of $81,918.00. Following the sale, the chief financial officer now owns 38,811 shares in the company, valued at approximately $1,177,525.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Guillaume Marie Jean Rutten sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $31.23, for a total value of $780,750.00. Following the sale, the chief executive officer now owns 124,476 shares in the company, valued at approximately $3,887,385.48. The disclosure for this sale can be found here. Insiders have sold a total of 80,500 shares of company stock worth $2,494,720 in the last 90 days. Corporate insiders own 31.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Readystate Asset Management LP acquired a new position in shares of Amkor Technology during the 4th quarter worth approximately $4,694,000. Trexquant Investment LP acquired a new position in shares of Amkor Technology during the 3rd quarter worth approximately $1,142,000. Invesco Ltd. increased its holdings in shares of Amkor Technology by 12.3% during the 3rd quarter. Invesco Ltd. now owns 1,318,158 shares of the semiconductor company’s stock worth $29,790,000 after acquiring an additional 144,280 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Amkor Technology during the 3rd quarter worth approximately $4,280,000. Finally, SummerHaven Investment Management LLC increased its holdings in shares of Amkor Technology by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 24,548 shares of the semiconductor company’s stock worth $817,000 after acquiring an additional 327 shares during the last quarter. 42.76% of the stock is owned by institutional investors and hedge funds.

About Amkor Technology

Amkor Technology, Inc provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage.