Soviero Asset Management LP Makes New Investment in FormFactor, Inc. (NASDAQ:FORM)

Soviero Asset Management LP acquired a new position in FormFactor, Inc. (NASDAQ:FORM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 74,000 shares of the semiconductor company's stock, valued at approximately $3,256,000. FormFactor accounts for 2.0% of Soviero Asset Management LP's portfolio, making the stock its 23rd biggest holding. Soviero Asset Management LP owned 0.10% of FormFactor as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in FormFactor by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 10,581,258 shares of the semiconductor company's stock valued at $465,575,000 after buying an additional 484,176 shares during the period. Earnest Partners LLC raised its stake in FormFactor by 10.9% during the fourth quarter. Earnest Partners LLC now owns 6,037,082 shares of the semiconductor company's stock worth $265,632,000 after purchasing an additional 594,426 shares during the period. Alliancebernstein L.P. raised its stake in FormFactor by 127.0% during the fourth quarter. Alliancebernstein L.P. now owns 3,114,779 shares of the semiconductor company's stock worth $137,050,000 after purchasing an additional 1,742,493 shares during the period. Bank of America Corp DE raised its stake in shares of FormFactor by 29.9% in the 4th quarter. Bank of America Corp DE now owns 2,542,296 shares of the semiconductor company's stock valued at $111,861,000 after acquiring an additional 585,117 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of FormFactor by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 2,103,612 shares of the semiconductor company's stock valued at $92,577,000 after acquiring an additional 36,438 shares during the period. Institutional investors and hedge funds own 98.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FORM. Needham & Company LLC restated a "hold" rating on shares of FormFactor in a report on Thursday, May 1st. DA Davidson reduced their price objective on shares of FormFactor from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Evercore ISI reduced their price target on shares of FormFactor from $43.00 to $33.00 and set an "in-line" rating for the company in a research report on Thursday, May 1st. B. Riley upped their price target on shares of FormFactor from $26.00 to $32.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus cut their price objective on shares of FormFactor from $48.00 to $42.00 and set a "hold" rating for the company in a research report on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $42.71.

Insider Activity at FormFactor

In related news, CEO Mike Slessor sold 4,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $31.72, for a total value of $126,880.00. Following the sale, the chief executive officer now directly owns 510,650 shares of the company's stock, valued at approximately $16,197,818. This represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.90% of the stock is owned by corporate insiders.

FormFactor Stock Performance

FormFactor stock traded down $0.47 during trading hours on Wednesday, reaching $31.44. 748,064 shares of the stock were exchanged, compared to its average volume of 773,714. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.83 and a current ratio of 4.61. FormFactor, Inc. has a 52-week low of $22.58 and a 52-week high of $63.63. The stock has a market cap of $2.42 billion, a P/E ratio of 35.33 and a beta of 1.14. The firm's 50 day moving average is $28.94 and its 200 day moving average is $36.19.

FormFactor (NASDAQ:FORM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.04. FormFactor had a net margin of 9.12% and a return on equity of 5.93%. The business had revenue of $171.36 million for the quarter, compared to analysts' expectations of $170.03 million. During the same period in the prior year, the company posted $0.18 EPS. The business's revenue for the quarter was up 1.6% on a year-over-year basis. Analysts predict that FormFactor, Inc. will post 0.9 EPS for the current fiscal year.

FormFactor Profile

FormFactor, Inc designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions in the United States, Taiwan, South Korea, China, Europe, Japan, Malaysia, Singapore, and internationally.