FormFactor (NASDAQ:FORM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “FormFactor's Probe Card business remains very strong and is one of the most important revenue contributor. The demand for probe card is being driven by strong adioption of new designs. The strength across foundry & logic and DRAM segments also remains encouraging. In the past 12 months, the stock has outperformed the industry it belongs to. 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 equities research analysts also recently commented on FORM. Needham & Company LLC reissued a “strong-buy” rating and set a $20.00 target price (down from $22.00) on shares of FormFactor in a research report on Thursday. B. Riley reissued a “buy” rating and set a $22.00 target price (up from $20.00) on shares of FormFactor in a research report on Thursday, November 2nd. Finally, Citigroup boosted their target price on shares of FormFactor from $16.00 to $17.40 and gave the stock a “neutral” rating in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. FormFactor presently has a consensus rating of “Buy” and an average target price of $18.34.
FormFactor (NASDAQ:FORM) last posted its earnings results on Tuesday, October 31st. The semiconductor company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.32 by $0.02. The company had revenue of $143.74 million during the quarter, compared to the consensus estimate of $140.83 million. FormFactor had a net margin of 3.68% and a return on equity of 16.80%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. equities research analysts expect that FormFactor will post 1.04 EPS for the current year.
In related news, CFO Michael M. Ludwig sold 16,845 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $17.50, for a total transaction of $294,787.50. Following the transaction, the chief financial officer now directly owns 241,132 shares in the company, valued at $4,219,810. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard Delateur sold 15,000 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $17.69, for a total transaction of $265,350.00. Following the transaction, the director now owns 25,000 shares in the company, valued at $442,250. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in FORM. Schwab Charles Investment Management Inc. boosted its stake in FormFactor by 6.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 334,956 shares of the semiconductor company’s stock valued at $4,154,000 after acquiring an additional 20,777 shares during the last quarter. Legal & General Group Plc boosted its stake in FormFactor by 2.8% in the second quarter. Legal & General Group Plc now owns 17,068 shares of the semiconductor company’s stock valued at $215,000 after acquiring an additional 469 shares during the last quarter. Swiss National Bank boosted its stake in FormFactor by 7.0% in the second quarter. Swiss National Bank now owns 117,900 shares of the semiconductor company’s stock valued at $1,462,000 after acquiring an additional 7,700 shares during the last quarter. Teachers Advisors LLC boosted its stake in FormFactor by 449.9% in the second quarter. Teachers Advisors LLC now owns 645,559 shares of the semiconductor company’s stock valued at $8,005,000 after acquiring an additional 528,164 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in FormFactor by 10.6% in the second quarter. TIAA CREF Investment Management LLC now owns 237,909 shares of the semiconductor company’s stock valued at $2,950,000 after acquiring an additional 22,713 shares during the last quarter. Institutional investors and hedge funds own 84.55% of the company’s stock.
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FormFactor Company Profile
FormFactor, Inc is a provider of test and measurement solutions. The Company’s segments include the Probe Cards segment and Systems segment. The Company designs, manufactures and sells multiple product lines, including probe cards, analytical probes, probe stations, integrated measurement systems, thermal sub-systems, reliability test systems, and related services.
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