Amkor Technology (NASDAQ:AMKR) Price Target Cut to $22.00 by Analysts at Needham & Company LLC

Amkor Technology (NASDAQ:AMKR - Get Free Report) had its target price reduced by equities researchers at Needham & Company LLC from $34.00 to $22.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective points to a potential upside of 21.28% from the stock's previous close.

Other analysts also recently issued reports about the stock. Melius Research downgraded shares of Amkor Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 6th. Melius lowered Amkor Technology from a "buy" rating to a "hold" rating and lowered their target price for the company from $34.00 to $30.00 in a research note on Monday, January 6th. Morgan Stanley reduced their price target on Amkor Technology from $26.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 11th. B. Riley downgraded Amkor Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. cut their target price on shares of Amkor Technology from $42.00 to $30.00 and set an "overweight" rating on the stock in a report on Tuesday, February 11th. Seven 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 has an average rating of "Hold" and an average target price of $28.00.

Amkor Technology Price Performance

AMKR stock traded up $0.66 during mid-day trading on Tuesday, hitting $18.14. 1,866,839 shares of the stock were exchanged, compared to its average volume of 1,769,416. The business has a fifty day moving average price of $18.24 and a 200 day moving average price of $23.33. Amkor Technology has a 12 month low of $14.03 and a 12 month high of $44.86. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.11 and a quick ratio of 1.90. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 12.69 and a beta of 1.88.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last released its earnings results on Monday, April 28th. The semiconductor company reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. Amkor Technology had a return on equity of 8.59% and a net margin of 5.60%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $0.24 EPS. Amkor Technology's quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Amkor Technology will post 1.47 EPS for the current year.

Insiders Place Their Bets

In other Amkor Technology news, major shareholder Agnes C. Kim sold 869,565 shares of Amkor Technology stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $21.85, for a total transaction of $18,999,995.25. Following the sale, the insider now directly owns 10,020,870 shares of the company's stock, valued at approximately $218,956,009.50. The trade was a 7.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin Engel sold 5,489 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $21.69, for a total value of $119,056.41. Following the completion of the transaction, the executive vice president now directly owns 1,388 shares of the company's stock, valued at $30,105.72. This represents a 79.82 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.90% of the company's stock.

Institutional Investors Weigh In On Amkor Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Amkor Technology by 99.5% during the 3rd quarter. Barclays PLC now owns 405,400 shares of the semiconductor company's stock valued at $12,406,000 after buying an additional 202,218 shares in the last quarter. Retirement Systems of Alabama lifted its position in Amkor Technology by 7.9% during the 3rd quarter. Retirement Systems of Alabama now owns 137,679 shares of the semiconductor company's stock valued at $4,213,000 after acquiring an additional 10,069 shares during the period. Principal Financial Group Inc. boosted its stake in Amkor Technology by 212.6% during the third quarter. Principal Financial Group Inc. now owns 1,361,084 shares of the semiconductor company's stock worth $41,647,000 after acquiring an additional 925,644 shares in the last quarter. Covea Finance grew its holdings in Amkor Technology by 47.1% in the fourth quarter. Covea Finance now owns 62,500 shares of the semiconductor company's stock worth $1,606,000 after purchasing an additional 20,000 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of Amkor Technology by 34.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 8,862 shares of the semiconductor company's stock valued at $228,000 after purchasing an additional 2,255 shares in the last quarter. 42.76% of the stock is owned by hedge funds and other institutional investors.

Amkor Technology Company Profile

Amkor Technology, Inc provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage.