FormFactor, Inc. $FORM Stock: Pictet Asset Management Holding SA Trims Stake

Key Points

• Pictet Asset Management cut its FormFactor stake by 35.1% in the third quarter, selling 229,315 shares and retaining 424,684 shares worth about $63.3 million.
• FormFactor reported quarterly EPS of $1.04, beating estimates of $0.86; revenue rose 38.4% year over year to $280.6 million, also ahead of expectations.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $136.09; ratings included one Strong Buy, seven Buys, and four Holds.

Pictet Asset Management Holding SA reduced its stake in shares of FormFactor, Inc. (NASDAQ:FORM - Free Report) by 35.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 424,684 shares of the semiconductor company's stock after selling 229,315 shares during the period. Pictet Asset Management Holding SA owned about 0.54% of FormFactor worth $63,266,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FORM. BlackRock Inc. bought a new stake in shares of FormFactor in the 2nd quarter worth about $1,676,772,000. Andar Capital Management HK Ltd acquired a new stake in shares of FormFactor in the 2nd quarter valued at about $27,000,000. Bank of America Corp DE bought a new position in shares of FormFactor during the second quarter worth about $285,257,000. Primecap Management Co. CA bought a new position in shares of FormFactor during the second quarter worth about $270,300,000. Finally, Bank of New York Mellon Corp bought a new position in shares of FormFactor during the second quarter worth about $103,844,000. 98.76% of the stock is owned by institutional investors and hedge funds.

FormFactor Stock Up 5.0%

FORM stock opened at $85.20 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.02. FormFactor, Inc. has a 1-year low of $47.33 and a 1-year high of $160.27. The firm has a fifty day moving average price of $113.39 and a two-hundred day moving average price of $113.66. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 38.90 and a beta of 1.27.

FormFactor (NASDAQ:FORM - Get Free Report) last issued its earnings results on Wednesday, October 28th. The semiconductor company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.18. FormFactor had a net margin of 17.72% and a return on equity of 18.40%. The company had revenue of $280.55 million for the quarter, compared to analysts' expectations of $270.52 million. During the same period in the prior year, the company earned $0.33 earnings per share. The firm's revenue was up 38.4% compared to the same quarter last year. Research analysts predict that FormFactor, Inc. will post 2.96 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on FORM shares. Weiss Ratings upgraded FormFactor from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, October 16th. TD Cowen upped their price objective on FormFactor from $100.00 to $110.00 and gave the company a "hold" rating in a research note on Thursday, October 29th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of FormFactor in a report on Tuesday, September 22nd. B. Riley Financial reduced their target price on FormFactor from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Monday. Finally, Freedom Capital upgraded FormFactor from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $136.09.

Insider Activity

In related news, Director Kelley Steven-Waiss sold 2,100 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $96.10, for a total transaction of $201,810.00. Following the sale, the director owned 24,426 shares in the company, valued at $2,347,338.60. This represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mike Slessor sold 17,510 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $104.73, for a total transaction of $1,833,822.30. Following the completion of the transaction, the chief executive officer directly owned 466,694 shares in the company, valued at $48,876,862.62. This represents a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 46,710 shares of company stock valued at $5,520,564 over the last ninety days. Company insiders own 0.79% of the company's stock.

About FormFactor

FormFactor, Inc designs and manufactures testing and measurement products used in the development and production of semiconductor devices. Its offerings include probe cards, which connect test equipment to semiconductor wafers, as well as probe stations and related systems for electrical and thermal characterization.

The company's products support testing at multiple stages of semiconductor development and manufacturing, including work on advanced integrated circuits and other complex devices.

Want to see what other hedge funds are holding FORM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FormFactor, Inc. (NASDAQ:FORM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.