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

FormFactor, Inc. (NASDAQ:FORM) 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 trading hands.

FORM has been the subject of a number of other reports. Stifel Nicolaus upped their price target on shares of FormFactor from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Tuesday, July 16th. StockNews.com downgraded shares of FormFactor from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. TD Cowen decreased their price target on FormFactor from $60.00 to $44.00 and set a “hold” rating on the stock in a report on Thursday. Finally, DA Davidson upped their price objective on FormFactor from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $55.38.

Insider Activity

In other news, CEO Mike Slessor sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $46.31, for a total value of $185,240.00. Following the completion of the sale, the chief executive officer now owns 534,276 shares in the company, valued at approximately $24,742,321.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jorge Titinger sold 6,770 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $41.94, for a total transaction 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Mike Slessor sold 4,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $46.31, for a total transaction of $185,240.00. Following the completion of the transaction, the chief executive officer now owns 534,276 shares in the company, valued at $24,742,321.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,770 shares of company stock worth $650,294 over the last 90 days. Corporate insiders own 0.96% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FORM. Bessemer Group Inc. lifted its stake in shares of FormFactor by 7.0% in the 1st quarter. Bessemer Group Inc. now owns 262,463 shares of the semiconductor company’s stock valued at $11,976,000 after purchasing an additional 17,079 shares during the last quarter. UniSuper Management Pty Ltd acquired a new position in FormFactor in the first quarter valued at about $664,000. Russell Investments Group Ltd. boosted its stake in FormFactor by 16.2% during the first quarter. Russell Investments Group Ltd. now owns 113,083 shares of the semiconductor company’s stock worth $5,160,000 after buying an additional 15,756 shares during the period. GSA Capital Partners LLP purchased a new position in FormFactor during the first quarter worth about $1,030,000. Finally, Sei Investments Co. raised its stake in shares of FormFactor by 5.4% in the 1st quarter. Sei Investments Co. now owns 1,493,665 shares of the semiconductor company’s stock valued at $68,156,000 after acquiring an additional 76,032 shares during the period. 98.76% of the stock is currently owned by institutional investors and hedge funds.

FormFactor Stock Performance

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

FormFactor (NASDAQ:FORM) last released its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.26 EPS for the quarter, topping 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 company had revenue of $197.47 million for the quarter, compared to analysts’ expectations of $195.01 million. Analysts forecast that FormFactor, Inc. will post 0.74 EPS for the current fiscal 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.