Axcelis Technologies (NASDAQ:ACLS) Shares Gap Up Following Strong Earnings

Key Points

• Axcelis Technologies experienced a significant stock price increase, opening at $80.00 after closing at $70.88.
• B. Riley upgraded the company's price target from $58.00 to $75.00 while maintaining a "neutral" rating, and analysts have an average target of $90.00.
• The company's quarterly earnings report showed earnings per share of $1.04, exceeding estimates, but revenue was down 23.7% year-over-year.

Shares of Axcelis Technologies, Inc. (NASDAQ:ACLS - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $70.88, but opened at $80.00. Axcelis Technologies shares last traded at $78.56, with a volume of 247,728 shares changing hands.

The semiconductor company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.40. The business had revenue of $194.54 million during the quarter, compared to the consensus estimate of $185.15 million. Axcelis Technologies had a net margin of 17.69% and a return on equity of 16.26%. The business's quarterly revenue was down 24.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.55 earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. B. Riley raised their price objective on Axcelis Technologies from $58.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. DA Davidson increased their target price on Axcelis Technologies from $75.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $90.00.

Insider Activity

In related news, Director John T. Kurtzweil sold 1,682 shares of Axcelis Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $61.93, for a total value of $104,166.26. Following the completion of the transaction, the director directly owned 35,050 shares in the company, valued at approximately $2,170,646.50. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.48% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ACLS. LPL Financial LLC increased its holdings in shares of Axcelis Technologies by 36.1% in the 4th quarter. LPL Financial LLC now owns 60,834 shares of the semiconductor company's stock valued at $4,250,000 after acquiring an additional 16,152 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Axcelis Technologies by 5.9% during the fourth quarter. JPMorgan Chase & Co. now owns 189,568 shares of the semiconductor company's stock worth $13,245,000 after purchasing an additional 10,645 shares during the period. Pictet Asset Management Holding SA lifted its position in shares of Axcelis Technologies by 18.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,896 shares of the semiconductor company's stock worth $342,000 after buying an additional 762 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Axcelis Technologies by 5.2% in the 4th quarter. Alliancebernstein L.P. now owns 66,142 shares of the semiconductor company's stock valued at $4,621,000 after buying an additional 3,288 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Axcelis Technologies by 3.3% during the 4th quarter. Franklin Resources Inc. now owns 23,266 shares of the semiconductor company's stock valued at $1,626,000 after buying an additional 750 shares during the last quarter. Institutional investors own 89.98% of the company's stock.

Axcelis Technologies Trading Down 0.4%

The company has a current ratio of 6.01, a quick ratio of 4.08 and a debt-to-equity ratio of 0.04. The business's 50-day moving average is $70.02 and its two-hundred day moving average is $61.49. The firm has a market cap of $2.49 billion, a P/E ratio of 16.23 and a beta of 1.58.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.