FormFactor Inc. (NASDAQ:FORM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
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.”
Several other research firms have also commented on FORM. Citigroup Inc. lifted their price target on FormFactor from $8.25 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. TheStreet upgraded FormFactor from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. B. Riley reiterated a “buy” rating and issued a $13.00 price target on shares of FormFactor in a research report on Wednesday, August 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target (up previously from $11.00) on shares of FormFactor in a research report on Wednesday, August 3rd. Finally, Craig Hallum assumed coverage on FormFactor in a research report on Thursday, September 22nd. They issued a “buy” rating and a $14.00 price target for the company. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $12.17.
Shares of FormFactor (NASDAQ:FORM) traded down 0.19% on Tuesday, hitting $10.69. The stock had a trading volume of 139,014 shares. FormFactor has a 52-week low of $6.15 and a 52-week high of $11.19. The company has a 50-day moving average of $10.30 and a 200-day moving average of $8.73. The company has a market cap of $754.34 million, a P/E ratio of 31.72 and a beta of 0.95.
FormFactor (NASDAQ:FORM) last issued its earnings results on Tuesday, August 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. FormFactor had a return on equity of 0.11% and a net margin of 7.27%. The firm had revenue of $83.10 million for the quarter, compared to analysts’ expectations of $78.23 million. During the same period in the previous year, the firm posted $0.11 earnings per share. The business’s revenue was up 55.0% compared to the same quarter last year. On average, equities analysts anticipate that FormFactor will post $0.45 EPS for the current fiscal year.
In other news, Director Richard Delateur sold 10,000 shares of FormFactor stock in a transaction that occurred 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 completion of the sale, the director now 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 FormFactor stock in a transaction that occurred on Friday, August 5th. The shares were 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 of the company’s stock, valued at approximately $1,733,445.83. The disclosure for this sale can be found here. Company insiders own 2.84% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc increased its stake in FormFactor by 11.5% in the second quarter. Legal & General Group Plc now owns 11,805 shares of the company’s stock valued at $105,000 after buying an additional 1,222 shares in the last quarter. BlackRock Inc. increased its stake in FormFactor by 220.5% in the second quarter. BlackRock Inc. now owns 12,295 shares of the company’s stock valued at $110,000 after buying an additional 8,459 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in FormFactor during the first quarter valued at $106,000. CNH Partners LLC bought a new stake in FormFactor during the second quarter valued at $136,000. Finally, Stevens Capital Management LP bought a new stake in FormFactor during the second quarter valued at $165,000. 89.46% of the stock is owned by hedge funds and other institutional investors.
FormFactor Company Profile
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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