FormFactor (NASDAQ:FORM) Shares Down 6.7% After Analyst Downgrade

FormFactor, Inc. (NASDAQ:FORM) traded down 6.7% on Friday after Stifel Nicolaus lowered their price target on the stock from $48.00 to $42.00. Stifel Nicolaus currently has a hold rating on the stock. FormFactor traded as low as $36.00 and last traded at $35.76. 394,081 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 922,777 shares. The stock had previously closed at $38.33.

A number of other equities analysts have also recently weighed in on the company. TD Cowen cut their price target on FormFactor from $60.00 to $44.00 and set a “hold” rating for the company in a report on Thursday, October 31st. B. Riley lowered FormFactor from a “buy” rating to a “neutral” rating and dropped their target price for the company from $64.00 to $34.00 in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of FormFactor in a research note on Thursday. Citigroup upgraded FormFactor from a “neutral” rating to a “buy” rating and upped their target price for the company from $44.00 to $51.00 in a research note on Monday, January 6th. Finally, Evercore ISI dropped their target price on FormFactor from $50.00 to $43.00 and set an “in-line” rating for the company in a research note on Thursday. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $48.50.

Insider Buying and Selling at FormFactor

In other news, CEO Mike Slessor sold 4,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $44.44, for a total value of $177,760.00. Following the completion of the sale, the chief executive officer now owns 522,531 shares of the company’s stock, valued at $23,221,277.64. This represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 12,000 shares of company stock valued at $496,040. Company insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On FormFactor

Several institutional investors and hedge funds have recently modified their holdings of FORM. State Street Corp lifted its stake in shares of FormFactor by 1.4% in the third quarter. State Street Corp now owns 2,913,463 shares of the semiconductor company’s stock worth $134,019,000 after acquiring an additional 39,784 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of FormFactor by 3.7% in the third quarter. Geode Capital Management LLC now owns 2,067,174 shares of the semiconductor company’s stock worth $95,105,000 after acquiring an additional 73,982 shares in the last quarter. Channing Capital Management LLC lifted its stake in shares of FormFactor by 10.3% in the fourth quarter. Channing Capital Management LLC now owns 1,527,851 shares of the semiconductor company’s stock worth $67,225,000 after acquiring an additional 142,776 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of FormFactor by 8.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,063,651 shares of the semiconductor company’s stock worth $48,928,000 after acquiring an additional 79,191 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of FormFactor by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 920,441 shares of the semiconductor company’s stock worth $40,499,000 after acquiring an additional 34,338 shares in the last quarter. Hedge funds and other institutional investors own 98.76% of the company’s stock.

FormFactor Price Performance

The company has a quick ratio of 3.94, a current ratio of 4.76 and a debt-to-equity ratio of 0.01. The company has a 50 day simple moving average of $42.89 and a 200-day simple moving average of $44.14. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 20.60 and a beta of 1.07.

FormFactor (NASDAQ:FORM) last released its quarterly earnings data on Wednesday, February 5th. The semiconductor company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.14). FormFactor had a return on equity of 5.38% and a net margin of 18.29%. As a group, research analysts anticipate that FormFactor, Inc. will post 0.75 EPS for the current fiscal year.

FormFactor Company Profile

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.