TD Cowen Cuts FormFactor (NASDAQ:FORM) Price Target to $100.00

Key Points

• TD Cowen cut FormFactor’s price target from $150 to $100 and maintained a “hold” rating, implying about 6.3% downside from the stock’s $106.68 price. The broader analyst consensus remains more positive, with a “Moderate Buy” rating and an average target of $127.45.
• FormFactor reported strong quarterly results, with EPS of $0.82 versus the $0.61 consensus and revenue of $258.24 million, up 31.9% year over year. Its third-quarter EPS and revenue guidance also came in above analyst expectations.
• Recent insider activity may weigh on sentiment: company insiders sold 38,534 shares worth approximately $4.86 million over the past quarter, with no purchases reported in the article.

FormFactor (NASDAQ:FORM - Get Free Report) had its target price reduced by equities researchers at TD Cowen from $150.00 to $100.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. TD Cowen's price objective would indicate a potential downside of 6.26% from the stock's current price.

A number of other analysts also recently issued reports on FORM. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of FormFactor in a research note on Monday. Citigroup increased their target price on shares of FormFactor to $165.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Northland Securities set a $118.00 target price on FormFactor in a research report on Thursday, April 30th. Weiss Ratings downgraded FormFactor from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, July 15th. Finally, Stifel Nicolaus set a $135.00 price target on shares of FormFactor in a research note on Thursday, April 30th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $127.45.

FormFactor Stock Up 27.8%

Shares of NASDAQ:FORM traded up $23.23 during trading on Thursday, reaching $106.68. 1,074,982 shares of the stock were exchanged, compared to its average volume of 1,712,930. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 122.76 and a beta of 1.22. The stock has a fifty day moving average of $124.97 and a two-hundred day moving average of $111.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.55 and a quick ratio of 3.69. FormFactor has a 1-year low of $26.08 and a 1-year high of $160.27.

FormFactor (NASDAQ:FORM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.21. The company had revenue of $258.24 million during the quarter, compared to analyst estimates of $240.00 million. FormFactor had a net margin of 8.14% and a return on equity of 9.31%. FormFactor's quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. FormFactor has set its Q3 2026 guidance at 0.770-0.950 EPS. Research analysts anticipate that FormFactor will post 2.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Mike Slessor sold 11,890 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $121.35, for a total transaction of $1,442,851.50. Following the completion of the sale, the chief executive officer directly owned 435,147 shares of the company's stock, valued at approximately $52,805,088.45. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brian C. White sold 3,250 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $126.00, for a total value of $409,500.00. Following the sale, the director owned 8,653 shares in the company, valued at $1,090,278. This trade represents a 27.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 38,534 shares of company stock valued at $4,864,118 over the last quarter. Corporate insiders own 0.79% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS Group AG increased its stake in shares of FormFactor by 38.8% during the fourth quarter. UBS Group AG now owns 283,393 shares of the semiconductor company's stock worth $15,808,000 after purchasing an additional 79,240 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of FormFactor by 206.4% during the 4th quarter. Fisher Asset Management LLC now owns 436,045 shares of the semiconductor company's stock worth $24,323,000 after purchasing an additional 293,746 shares during the last quarter. Jackson Creek Investment Advisors LLC acquired a new position in FormFactor in the fourth quarter valued at approximately $1,704,000. WINTON GROUP Ltd purchased a new position in shares of FormFactor in the fourth quarter valued at approximately $610,000. Finally, Intech Investment Management LLC grew its stake in FormFactor by 20.1% during the 4th quarter. Intech Investment Management LLC now owns 48,655 shares of the semiconductor company's stock worth $2,714,000 after purchasing an additional 8,131 shares in the last quarter. Hedge funds and other institutional investors own 98.76% of the company's stock.

Trending Headlines about FormFactor

Here are the key news stories impacting FormFactor this week:

• Positive Sentiment: Q2 results beat expectations: FormFactor reported adjusted EPS of $0.82, versus the $0.61 consensus estimate, while revenue rose 31.9% year over year to $258.24 million, exceeding expectations of $240 million. The company cited strong demand across DRAM, Foundry & Logic, and Systems. FormFactor 2026 Second Quarter Results
• Positive Sentiment: Above-consensus Q3 outlook: Management expects third-quarter EPS of $0.77-$0.95, compared with the $0.60 analyst consensus, and revenue of $260 million-$280 million versus expectations of $246.2 million. The forecast supports investor confidence that semiconductor testing demand remains strong. FormFactor Q3 2026 Forecast
• Positive Sentiment: AI and advanced-chip capacity expansion: FormFactor expanded its multi-year partnership with Keystone Microtech, increasing probe-card manufacturing and testing capabilities in Taiwan for AI, HBM, advanced packaging, and high-speed chips. The Farmers Branch facility is expected to begin ramping in the fourth quarter. FormFactor and Keystone Microtech Partnership
• Neutral Sentiment: Analyst remains cautious: Needham maintained a Hold rating, arguing that strong near-term performance is offset by a back-end-loaded outlook for growth in chiplet and co-packaged optics markets. This may limit additional upside despite the earnings beat. FormFactor Hold Rating
• Negative Sentiment: Insider-selling overhang: Recent data shows FormFactor insiders reported sales but no purchases over the past six months. While these transactions may reflect personal liquidity decisions, they could weigh on sentiment, particularly given the stock’s elevated valuation.

FormFactor Company Profile

FormFactor, Inc NASDAQ: FORM is a leading provider of advanced test and measurement solutions for the semiconductor industry. The company specializes in the design, development and manufacture of high-performance wafer-level and package-level test interfaces used in wafer sort, characterization, reliability and failure analysis applications. By leveraging precision microelectromechanical systems (MEMS) and photolithographic processes, FormFactor delivers probe cards, analytical probes and test sockets that enable device makers to validate next-generation integrated circuits across logic, memory, RF, analog and power applications.

FormFactor's product portfolio includes custom probe cards for wafer probers, TEM-based analytical probes for material and device characterization, and socket solutions for burn-in and final test of packaged devices.

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