Axcelis Technologies (NASDAQ:ACLS) Price Target Raised to $75.00 at B. Riley

Axcelis Technologies (NASDAQ:ACLS) had its price objective boosted by B. Riley from $58.00 to $75.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

Axcelis Technologies Stock Down 2.3%

Axcelis Technologies stock opened at $66.89 on Wednesday. The company has a 50-day simple moving average of $56.65 and a 200-day simple moving average of $61.62. The firm has a market capitalization of $2.15 billion, a P/E ratio of 12.25, a P/E/G ratio of 4.59 and a beta of 1.52. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.08 and a current ratio of 5.56. Axcelis Technologies has a one year low of $40.40 and a one year high of $158.61.

Axcelis Technologies (NASDAQ:ACLS) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.39 by $0.65. The business had revenue of $192.56 million during the quarter, compared to analyst estimates of $184.86 million. Axcelis Technologies had a net margin of 18.58% and a return on equity of 18.55%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 earnings per share. As a group, equities analysts expect that Axcelis Technologies will post 2.55 earnings per share for the current year.

Axcelis Technologies declared that its board has approved a stock repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the semiconductor company to buy up to 5.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Axcelis Technologies

In related news, Director John T. Kurtzweil sold 1,682 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $61.93, for a total value of $104,166.26. Following the completion of the transaction, the director now owns 35,050 shares in the company, valued at $2,170,646.50. This represents a 4.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Axcelis Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can grew its position in Axcelis Technologies by 3.9% in the 4th 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 in the last quarter. Signaturefd LLC grew its position in Axcelis Technologies by 90.6% in the 4th quarter. Signaturefd LLC now owns 364 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 173 shares in the last quarter. Perkins Coie Trust Co grew its position in Axcelis Technologies by 9.2% in the 1st quarter. Perkins Coie Trust Co now owns 2,675 shares of the semiconductor company’s stock valued at $133,000 after buying an additional 225 shares in the last quarter. Eagle Bay Advisors LLC grew its position in Axcelis Technologies by 3.8% in the 1st quarter. Eagle Bay Advisors LLC now owns 7,585 shares of the semiconductor company’s stock valued at $377,000 after buying an additional 275 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Axcelis Technologies by 16.3% in the 1st quarter. Advisors Asset Management Inc. now owns 1,969 shares of the semiconductor company’s stock valued at $98,000 after buying an additional 276 shares in the last quarter. Institutional investors own 89.98% of the company’s stock.

About Axcelis Technologies

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.