Connor Clark & Lunn Investment Management Ltd. Takes $60.47 Million Position in FormFactor, Inc. $FORM

Connor Clark & Lunn Investment Management Ltd. acquired a new position in FormFactor, Inc. (NASDAQ:FORM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 378,075 shares of the semiconductor company’s stock, valued at approximately $60,466,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in FormFactor during the second quarter valued at $1,676,772,000. Andar Capital Management HK Ltd purchased a new stake in FormFactor in the second quarter worth about $27,000,000. Victory Capital Management Inc. raised its stake in shares of FormFactor by 5,596.8% in the fourth quarter. Victory Capital Management Inc. now owns 1,256,545 shares of the semiconductor company’s stock worth $70,090,000 after buying an additional 1,234,488 shares during the period. Morgan Stanley grew its stake in shares of FormFactor by 98.5% during the 4th quarter. Morgan Stanley now owns 2,271,562 shares of the semiconductor company’s stock valued at $126,708,000 after acquiring an additional 1,127,146 shares during the period. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in FormFactor in the 4th quarter worth approximately $60,495,000. 98.76% of the stock is currently owned by hedge funds and other institutional investors.

FormFactor Stock Performance

Shares of FORM opened at $114.16 on Monday. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 78.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.08 and a quick ratio of 3.34. FormFactor, Inc. has a 1-year low of $27.81 and a 1-year high of $160.27. The company has a 50-day moving average of $122.39 and a 200 day moving average of $116.48.

FormFactor (NASDAQ:FORM) last issued its earnings results on Wednesday, July 29th. The semiconductor company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.21. The business had revenue of $258.24 million for the quarter, compared to the consensus estimate of $240.00 million. FormFactor had a net margin of 12.80% and a return on equity of 13.44%. The company’s revenue for the quarter was up 31.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 EPS. FormFactor has set its Q3 2026 guidance at 0.770-0.950 EPS. On average, research analysts expect that FormFactor, Inc. will post 2.7 EPS for the current year.

Insider Buying and Selling

In other news, Director Dennis Thomas St sold 2,800 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $151.49, for a total transaction of $424,172.00. Following the transaction, the director owned 29,073 shares of the company’s stock, valued at approximately $4,404,268.77. This represents a 8.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mike Slessor sold 16,002 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $130.95, for a total value of $2,095,461.90. Following the transaction, the chief executive officer owned 484,204 shares in the company, valued at approximately $63,406,513.80. This represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,020 shares of company stock valued at $4,756,017 over the last quarter. 0.79% of the stock is owned by corporate insiders.

Key FormFactor News

Here are the key news stories impacting FormFactor this week:

• Positive Sentiment: Zacks increased its Q3 2026 EPS estimate to $0.78 from $0.48 and its FY2026 forecast to $2.68 from $1.99. Estimates for FY2027 rose to $3.11 from $2.19, while FY2028 increased to $3.39 from $2.47. These revisions signal stronger expected demand and profitability for FormFactor’s semiconductor testing business.
• Positive Sentiment: Quarterly estimates were also raised materially: Q4 2026 EPS increased to $0.70 from $0.53, Q1 2027 to $0.70 from $0.47, Q2 2027 to $0.75 from $0.58, and Q3 2027 to $0.85 from $0.56. Q1 and Q2 2028 estimates were lifted to $0.80 and $0.82, respectively.
• Neutral Sentiment: The upgrades are especially significant because the current full-year consensus estimate is $2.70 per share, close to Zacks’ revised FY2026 forecast. Investors may therefore view the revisions as supportive of longer-term growth but may wait for the company’s results and guidance to confirm the outlook.
• Negative Sentiment: FormFactor shares have decreased despite the favorable analyst revisions. The stock’s elevated valuation—approximately 78 times earnings—may be limiting enthusiasm, as investors could be taking profits or demanding stronger near-term results before assigning additional upside.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FORM shares. TD Cowen dropped their price target on shares of FormFactor from $150.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of FormFactor from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. B. Riley Financial raised FormFactor from a “neutral” rating to a “buy” rating and set a $165.00 price objective for the company in a research note on Thursday, June 11th. Craig Hallum upgraded shares of FormFactor from a “hold” rating to a “buy” rating and set a $175.00 price target on the stock in a report on Tuesday, May 12th. Finally, Evercore set a $150.00 price target on shares of FormFactor in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.45.

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.