Amkor Technology (NASDAQ:AMKR) Price Target Raised to $24.00

Key Points

• Amkor Technology's price target has been raised by B. Riley from $18.00 to $24.00, while maintaining a "neutral" rating, indicating a potential downside of 5.62% from the stock's previous close.
• Several other analysts have also increased their price targets, with Needham raising theirs to $28.00 and JPMorgan to $27.00, contributing to a consensus price target of $26.44.
• Amkor Technology's stock traded up 19.8%, reaching $25.43, following their positive quarterly earnings report that exceeded analyst expectations.

Amkor Technology (NASDAQ:AMKR - Get Free Report) had its price target raised by equities researchers at B. Riley from $18.00 to $24.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the semiconductor company's stock. B. Riley's price objective indicates a potential downside of 5.62% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Needham & Company LLC increased their price objective on shares of Amkor Technology from $22.00 to $28.00 and gave the company a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Amkor Technology from $25.00 to $27.00 and gave the company an "overweight" rating in a research report on Tuesday. UBS Group increased their price objective on shares of Amkor Technology from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday. Morgan Stanley raised their price target on shares of Amkor Technology from $19.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, KeyCorp reissued a "sector weight" rating on shares of Amkor Technology in a research report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $26.44.

Amkor Technology Stock Up 19.8%

Amkor Technology stock traded up $4.20 during midday trading on Tuesday, reaching $25.43. The company's stock had a trading volume of 6,409,884 shares, compared to its average volume of 2,109,195. The stock has a market capitalization of $6.28 billion, a P/E ratio of 19.82 and a beta of 1.85. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.06 and a quick ratio of 1.83. The stock's 50-day simple moving average is $20.45 and its 200-day simple moving average is $20.35. Amkor Technology has a 52-week low of $14.03 and a 52-week high of $35.85.

Amkor Technology (NASDAQ:AMKR - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The semiconductor company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.16 by $0.06. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Amkor Technology had a net margin of 5.04% and a return on equity of 7.60%. Amkor Technology's revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. On average, sell-side analysts expect that Amkor Technology will post 1.47 EPS for the current year.

Hedge Funds Weigh In On Amkor Technology

Institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Amkor Technology by 15.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 10,886 shares of the semiconductor company's stock valued at $197,000 after purchasing an additional 1,423 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Amkor Technology by 22.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,963 shares of the semiconductor company's stock valued at $379,000 after purchasing an additional 3,885 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Amkor Technology by 32.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,260 shares of the semiconductor company's stock valued at $403,000 after purchasing an additional 5,447 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Amkor Technology by 36.9% during the 1st quarter. M&T Bank Corp now owns 52,816 shares of the semiconductor company's stock valued at $954,000 after purchasing an additional 14,236 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Amkor Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,109,507 shares of the semiconductor company's stock valued at $54,209,000 after acquiring an additional 15,211 shares during the period. 42.76% of the stock is owned by hedge funds and other institutional investors.

About Amkor Technology

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.

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