FormFactor (NASDAQ:FORM) Shares Gap Down on Disappointing Earnings

Key Points

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FormFactor, Inc. (NASDAQ:FORM - Get Free Report)'s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $34.42, but opened at $26.15. FormFactor shares last traded at $29.44, with a volume of 631,795 shares traded.

The semiconductor company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.03). The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $190.17 million. FormFactor had a net margin of 7.08% and a return on equity of 6.47%. The firm's revenue for the quarter was down .8% on a year-over-year basis. During the same period last year, the company posted $0.35 EPS.

Wall Street Analyst Weigh In

FORM has been the topic of a number of analyst reports. DA Davidson decreased their price objective on FormFactor from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Evercore ISI dropped their target price on FormFactor from $43.00 to $33.00 and set an "in-line" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reiterated a "hold" rating on shares of FormFactor in a report on Thursday, May 1st. Finally, B. Riley raised their price objective on FormFactor from $26.00 to $32.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, FormFactor presently has a consensus rating of "Hold" and a consensus price target of $42.71.

Insiders Place Their Bets

In other FormFactor news, Director Dennis Thomas St sold 3,000 shares of FormFactor stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $31.24, for a total transaction of $93,720.00. Following the sale, the director owned 40,957 shares of the company's stock, valued at $1,279,496.68. The trade was a 6.82% 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 insiders.

Institutional Investors Weigh In On FormFactor

Institutional investors and hedge funds have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB grew its holdings in shares of FormFactor by 282.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 741 shares of the semiconductor company's stock valued at $25,000 after buying an additional 547 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in FormFactor in the fourth quarter valued at about $27,000. AlphaQuest LLC grew its stake in FormFactor by 96,900.0% in the first quarter. AlphaQuest LLC now owns 970 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 969 shares in the last quarter. Versant Capital Management Inc grew its stake in FormFactor by 256.3% in the first quarter. Versant Capital Management Inc now owns 1,197 shares of the semiconductor company's stock valued at $34,000 after purchasing an additional 861 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in FormFactor in the first quarter valued at about $42,000. 98.76% of the stock is owned by institutional investors and hedge funds.

FormFactor Stock Down 15.7%

The business has a 50 day simple moving average of $33.91 and a 200 day simple moving average of $33.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.45 and a quick ratio of 3.56. The stock has a market cap of $2.24 billion, a PE ratio of 42.10 and a beta of 1.15.

FormFactor Company 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.

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