FormFactor (NASDAQ:FORM) Issues Earnings Results

FormFactor (NASDAQ:FORM) announced its quarterly earnings results on Wednesday. The semiconductor company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.21, FiscalAI reports. The company had revenue of $258.24 million during the quarter, compared to the consensus estimate of $240.00 million. FormFactor had a return on equity of 9.31% and a net margin of 8.14%.

FormFactor Stock Down 5.4%

Shares of FormFactor stock traded down $4.78 during trading hours on Wednesday, reaching $83.45. 2,369,207 shares of the company’s stock were exchanged, compared to its average volume of 1,714,126. The company has a 50 day moving average of $125.81 and a two-hundred day moving average of $111.06. FormFactor has a fifty-two week low of $26.08 and a fifty-two week high of $160.27. The company has a current ratio of 4.55, a quick ratio of 3.69 and a debt-to-equity ratio of 0.01. The stock has a market cap of $6.51 billion, a P/E ratio of 95.92 and a beta of 1.22.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen boosted their price objective on FormFactor from $80.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. Stifel Nicolaus set a $135.00 price target on shares of FormFactor in a research note on Thursday, April 30th. Cantor Fitzgerald reiterated an “overweight” rating on shares of FormFactor in a report on Monday. Weiss Ratings downgraded shares of FormFactor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Finally, B. Riley Financial upgraded shares of FormFactor from a “neutral” rating to a “buy” rating and set a $165.00 price objective on the stock in a report on Thursday, June 11th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, FormFactor has an average rating of “Moderate Buy” and an average price target of $132.45.

Insiders Place Their Bets

In other FormFactor news, CEO Mike Slessor sold 11,890 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $121.35, for a total value of $1,442,851.50. Following the completion of the sale, the chief executive officer owned 435,147 shares in the company, valued at $52,805,088.45. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rebeca Obregon-Jimenez sold 3,828 shares of FormFactor stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $126.47, for a total value of $484,127.16. Following the transaction, the director owned 7,875 shares of the company’s stock, valued at $995,951.25. The trade was a 32.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,534 shares of company stock valued at $4,864,118 in the last quarter. 0.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FormFactor

Several institutional investors and hedge funds have recently modified their holdings of FORM. Los Angeles Capital Management LLC acquired a new stake in shares of FormFactor during the 4th quarter worth about $25,000. UMB Bank n.a. raised its holdings in FormFactor by 128.9% in the 4th quarter. UMB Bank n.a. now owns 499 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 281 shares during the period. Kestra Advisory Services LLC bought a new position in FormFactor in the 4th quarter valued at about $53,000. EverSource Wealth Advisors LLC lifted its position in FormFactor by 208.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,843 shares of the semiconductor company’s stock worth $63,000 after acquiring an additional 1,246 shares during the last quarter. Finally, Wexford Capital LP acquired a new stake in FormFactor during the third quarter worth approximately $100,000. 98.76% of the stock is currently owned by institutional investors and hedge funds.

FormFactor Company Profile

FormFactor, Inc (NASDAQ:FORM) is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.

FormFactor’s product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.