ASE Technology (NYSE:ASX) Reaches New 52-Week High – Here’s Why

ASE Technology Holding Co., Ltd. (NYSE:ASX) hit a new 52-week high on Tuesday . The company traded as high as $24.98 and last traded at $24.7070, with a volume of 1917080 shares trading hands. The stock had previously closed at $23.48.

Analysts Set New Price Targets

ASX has been the subject of a number of research reports. Nomura upgraded ASE Technology from a “neutral” rating to a “buy” rating in a research note on Thursday, October 30th. Zacks Research lowered ASE Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Wall Street Zen raised ASE Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ASE Technology in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ASE Technology presently has an average rating of “Hold”.

ASE Technology Trading Up 5.8%

The firm’s fifty day moving average price is $19.01 and its 200-day moving average price is $14.84. The company has a market cap of $55.11 billion, a price-to-earnings ratio of 42.83, a P/E/G ratio of 0.99 and a beta of 1.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.28 and a quick ratio of 1.00.

ASE Technology (NYSE:ASX) last posted its earnings results on Thursday, February 5th. The semiconductor company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.09). The business had revenue of $5.67 billion during the quarter, compared to analyst estimates of $5.47 billion. ASE Technology had a net margin of 6.31% and a return on equity of 12.00%. On average, equities analysts expect that ASE Technology Holding Co., Ltd. will post 0.76 EPS for the current fiscal year.

Institutional Trading of ASE Technology

Several institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its holdings in ASE Technology by 16.9% in the 1st quarter. Jones Financial Companies Lllp now owns 13,425 shares of the semiconductor company’s stock valued at $118,000 after acquiring an additional 1,943 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in ASE Technology by 15.6% during the first quarter. Goldman Sachs Group Inc. now owns 5,775,272 shares of the semiconductor company’s stock worth $50,591,000 after buying an additional 780,651 shares in the last quarter. Freedom Investment Management Inc. grew its position in ASE Technology by 3.4% in the second quarter. Freedom Investment Management Inc. now owns 40,219 shares of the semiconductor company’s stock worth $415,000 after buying an additional 1,312 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of ASE Technology by 60.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 648,743 shares of the semiconductor company’s stock valued at $6,702,000 after buying an additional 244,611 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of ASE Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,437,846 shares of the semiconductor company’s stock valued at $25,183,000 after acquiring an additional 105,491 shares during the last quarter. Institutional investors and hedge funds own 6.80% of the company’s stock.

ASE Technology Company Profile

ASE Technology Holding Co, Ltd. (NYSE: ASX), commonly referred to as ASE, is a Taiwan-based provider of semiconductor assembly and testing services. The company focuses on back-end semiconductor manufacturing and related services that prepare integrated circuits and other semiconductor devices for final use. Its core activities include advanced IC packaging, final testing, wafer probing, and related engineering and supply-chain support for semiconductor customers.

ASE offers a range of products and technical capabilities designed to meet increasingly complex packaging and system-in-package requirements.