FormFactor (NASDAQ:FORM) Hits New 1-Year Low Following Weak Earnings

FormFactor, Inc. (NASDAQ:FORM) shares reached a new 52-week low on Thursday following a weaker than expected earnings announcement. The stock traded as low as $32.71 and last traded at $37.70, with a volume of 1298945 shares traded. The stock had previously closed at $41.12.

The semiconductor company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.14). FormFactor had a return on equity of 5.38% and a net margin of 18.29%.

Wall Street Analysts Forecast Growth

FORM has been the subject of a number of recent research reports. B. Riley downgraded shares of FormFactor from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $64.00 to $34.00 in a research note on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of FormFactor in a research report on Thursday. Citigroup raised FormFactor from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $51.00 in a report on Monday, January 6th. Finally, TD Cowen dropped their target price on shares of FormFactor from $60.00 to $44.00 and set a “hold” rating on the stock in a research report on Thursday, October 31st. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $51.00.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings in shares of FormFactor by 99.4% during the third quarter. Advisors Asset Management Inc. now owns 620 shares of the semiconductor company’s stock worth $29,000 after buying an additional 309 shares in the last quarter. Quarry LP lifted its stake in shares of FormFactor by 131.7% during the 3rd quarter. Quarry LP now owns 920 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 523 shares during the period. Manchester Capital Management LLC boosted its holdings in shares of FormFactor by 63.8% during the fourth quarter. Manchester Capital Management LLC now owns 1,130 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 440 shares during the last quarter. IFP Advisors Inc increased its stake in FormFactor by 4,732.4% in the fourth quarter. IFP Advisors Inc now owns 1,643 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 1,609 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in FormFactor by 146.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,986 shares of the semiconductor company’s stock valued at $90,000 after buying an additional 1,181 shares during the period. Institutional investors and hedge funds own 98.76% of the company’s stock.

FormFactor Stock Performance

The company has a market cap of $2.98 billion, a price-to-earnings ratio of 22.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.94 and a current ratio of 4.76. The stock’s fifty day simple moving average is $43.00 and its two-hundred day simple moving average is $44.35.

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.