Axcelis Technologies (NASDAQ:ACLS) Given New $75.00 Price Target at B. Riley

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

Axcelis Technologies Price Performance

Shares of ACLS stock opened at $66.89 on Wednesday. The company has a market capitalization of $2.15 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 4.59 and a beta of 1.52. The firm has a fifty day simple moving average of $56.65 and a 200-day simple moving average of $61.62. The company has a current ratio of 5.56, a quick ratio of 4.08 and a debt-to-equity ratio of 0.04. Axcelis Technologies has a twelve month low of $40.40 and a twelve month high of $158.61.

Axcelis Technologies (NASDAQ:ACLS) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.65. The business had revenue of $192.56 million during the quarter, compared to the consensus estimate of $184.86 million. Axcelis Technologies had a net margin of 18.58% and a return on equity of 18.55%. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.57 earnings per share. Equities research analysts anticipate that Axcelis Technologies will post 2.55 earnings per share for the current fiscal year.

Axcelis Technologies announced that its board has initiated a stock repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 5.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Axcelis Technologies

In other Axcelis Technologies news, Director John T. Kurtzweil sold 1,682 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $61.93, for a total transaction of $104,166.26. Following the sale, the director now directly owns 35,050 shares of the company’s stock, valued at approximately $2,170,646.50. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Axcelis Technologies

A number of institutional investors and hedge funds have recently modified their holdings of ACLS. Empowered Funds LLC acquired a new stake in shares of Axcelis Technologies during the fourth quarter worth $465,000. Rhumbline Advisers raised its holdings in shares of Axcelis Technologies by 0.5% during the fourth quarter. Rhumbline Advisers now owns 90,842 shares of the semiconductor company’s stock worth $6,347,000 after purchasing an additional 477 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Axcelis Technologies during the fourth quarter worth $727,000. Principal Financial Group Inc. raised its holdings in shares of Axcelis Technologies by 4.1% during the fourth quarter. Principal Financial Group Inc. now owns 188,559 shares of the semiconductor company’s stock worth $13,175,000 after purchasing an additional 7,476 shares during the period. Finally, D.A. Davidson & CO. acquired a new stake in shares of Axcelis Technologies during the fourth quarter worth $341,000. 89.98% of the stock is owned by institutional investors and hedge funds.

Axcelis Technologies Company Profile

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.