FormFactor (NASDAQ:FORM) Shares Gap Down After Analyst Downgrade

FormFactor, Inc. (NASDAQ:FORM)’s share price gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $60.00 to $52.00. The stock had previously closed at $43.81, but opened at $40.15. Needham & Company LLC currently has a buy rating on the stock. FormFactor shares last traded at $40.15, with a volume of 285,292 shares.

A number of other research firms have also recently issued reports on FORM. TD Cowen decreased their target price on FormFactor from $60.00 to $44.00 and set a “hold” rating for the company in a research note on Thursday. Stifel Nicolaus boosted their price objective on shares of FormFactor from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Tuesday, July 16th. DA Davidson increased their price target on FormFactor from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, StockNews.com lowered shares of FormFactor from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, FormFactor has an average rating of “Hold” and an average target price of $55.38.

Insider Activity

In other FormFactor news, Director Jorge Titinger sold 6,770 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $41.94, for a total value of $283,933.80. Following the completion of the sale, the director now directly owns 12,970 shares in the company, valued at approximately $543,961.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Jorge Titinger sold 6,770 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $41.94, for a total transaction of $283,933.80. Following the transaction, the director now directly owns 12,970 shares of the company’s stock, valued at approximately $543,961.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mike Slessor sold 4,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $45.28, for a total value of $181,120.00. Following the completion of the transaction, the chief executive officer now owns 530,276 shares in the company, valued at approximately $24,010,897.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,770 shares of company stock worth $650,294 in the last quarter. 0.96% of the stock is owned by corporate insiders.

Institutional Trading of FormFactor

A number of hedge funds and other institutional investors have recently bought and sold shares of FORM. Allspring Global Investments Holdings LLC grew its holdings in FormFactor by 5.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 338,999 shares of the semiconductor company’s stock worth $15,469,000 after buying an additional 18,375 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of FormFactor by 1.9% during the first quarter. BNP Paribas Financial Markets now owns 69,174 shares of the semiconductor company’s stock valued at $3,156,000 after buying an additional 1,319 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of FormFactor by 19.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,944 shares of the semiconductor company’s stock valued at $317,000 after purchasing an additional 1,151 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in FormFactor in the first quarter worth $1,030,000. Finally, Texas Permanent School Fund Corp raised its holdings in FormFactor by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 68,126 shares of the semiconductor company’s stock worth $3,109,000 after purchasing an additional 881 shares in the last quarter. Institutional investors own 98.76% of the company’s stock.

FormFactor Trading Down 8.1 %

The stock’s fifty day moving average price is $45.32 and its 200 day moving average price is $50.63. The stock has a market cap of $3.11 billion, a P/E ratio of 30.42 and a beta of 1.11. The company has a current ratio of 4.46, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

FormFactor (NASDAQ:FORM) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.05. FormFactor had a return on equity of 4.18% and a net margin of 17.20%. The business had revenue of $197.47 million during the quarter, compared to analysts’ expectations of $195.01 million. Equities research analysts expect that FormFactor, Inc. will post 0.74 earnings per share for the current year.

About FormFactor

FormFactor, Inc designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions in the United States, Taiwan, South Korea, China, Europe, Japan, Malaysia, Singapore, and internationally.