Axcelis Technologies (NASDAQ:ACLS) Stock Price Up 5.8% Following Earnings Beat

Shares of Axcelis Technologies, Inc. (NASDAQ:ACLS - Get Free Report) shot up 5.8% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $59.00 and last traded at $57.86. 199,928 shares were traded during trading, a decline of 69% from the average session volume of 639,970 shares. The stock had previously closed at $54.69.

The semiconductor company reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.65. The company had revenue of $192.56 million for the quarter, compared to analysts' expectations of $184.86 million. Axcelis Technologies had a net margin of 19.75% and a return on equity of 21.02%. Axcelis Technologies's revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.57 EPS.

Axcelis Technologies declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on ACLS shares. B. Riley reiterated a "neutral" rating and issued a $50.00 price objective (down previously from $80.00) on shares of Axcelis Technologies in a report on Monday, April 21st. William Blair lowered shares of Axcelis Technologies from an "outperform" rating to a "market perform" rating in a research note on Wednesday, February 12th. Needham & Company LLC reissued a "hold" rating on shares of Axcelis Technologies in a research note on Wednesday, February 12th. Finally, Craig Hallum lowered their target price on Axcelis Technologies from $115.00 to $105.00 and set a "buy" rating for the company in a research note on Wednesday, January 15th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Axcelis Technologies currently has a consensus rating of "Hold" and an average target price of $131.00.

Institutional Trading of Axcelis Technologies

Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can grew its holdings in shares of Axcelis Technologies by 3.9% during the fourth quarter. Bank of Montreal Can now owns 4,540 shares of the semiconductor company's stock valued at $317,000 after buying an additional 170 shares during the last quarter. Signaturefd LLC boosted its stake in Axcelis Technologies by 90.6% during the 4th quarter. Signaturefd LLC now owns 364 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 173 shares during the last quarter. Perkins Coie Trust Co raised its stake in shares of Axcelis Technologies by 9.2% in the first quarter. Perkins Coie Trust Co now owns 2,675 shares of the semiconductor company's stock worth $133,000 after purchasing an additional 225 shares during the last quarter. Eagle Bay Advisors LLC lifted its holdings in shares of Axcelis Technologies by 3.8% during the first quarter. Eagle Bay Advisors LLC now owns 7,585 shares of the semiconductor company's stock valued at $377,000 after purchasing an additional 275 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Axcelis Technologies by 85.5% during the fourth quarter. Blue Trust Inc. now owns 627 shares of the semiconductor company's stock valued at $44,000 after buying an additional 289 shares during the last quarter. 89.98% of the stock is owned by institutional investors.

Axcelis Technologies Price Performance

The company has a current ratio of 5.41, a quick ratio of 4.05 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $1.86 billion, a P/E ratio of 9.35, a P/E/G ratio of 4.52 and a beta of 1.52. The firm has a fifty day moving average of $51.43 and a 200 day moving average of $65.78.

Axcelis Technologies Company Profile

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.

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