Axcelis Technologies (NASDAQ:ACLS) Stock Price Up 6.8% – Here’s What Happened

Axcelis Technologies, Inc. (NASDAQ:ACLS)’s share price rose 6.8% during trading on Monday . The company traded as high as $67.70 and last traded at $67.81. Approximately 169,607 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 647,745 shares. The stock had previously closed at $63.51.

Analysts Set New Price Targets

Several analysts recently commented on ACLS shares. William Blair downgraded shares of Axcelis Technologies from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Axcelis Technologies in a report on Wednesday, February 12th. Finally, B. Riley reiterated a “neutral” rating and set a $50.00 target price (down previously from $80.00) on shares of Axcelis Technologies in a research note on Monday, April 21st. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Axcelis Technologies has an average rating of “Hold” and a consensus price target of $131.00.

Axcelis Technologies Price Performance

The company has a market cap of $2.17 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 4.52 and a beta of 1.52. The company has a 50-day simple moving average of $53.08 and a 200-day simple moving average of $61.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.05 and a current ratio of 5.41.

Axcelis Technologies (NASDAQ:ACLS) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.65. The firm had revenue of $192.56 million for the quarter, compared to analyst estimates of $184.86 million. Axcelis Technologies had a return on equity of 21.02% and a net margin of 19.75%. Axcelis Technologies’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.57 earnings per share. As a group, research analysts predict that Axcelis Technologies, Inc. will post 2.55 earnings per share for the current year.

Axcelis Technologies declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 5.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Axcelis Technologies news, Director John T. Kurtzweil sold 1,682 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $61.93, for a total transaction of $104,166.26. Following the sale, the director now owns 35,050 shares in the company, valued at approximately $2,170,646.50. This represents a 4.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Institutional Trading of Axcelis Technologies

A number of large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new position in Axcelis Technologies in the 4th quarter valued at about $397,000. Principal Financial Group Inc. lifted its stake 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 valued at $13,175,000 after buying an additional 7,476 shares during the period. LPL Financial LLC lifted its stake in shares of Axcelis Technologies by 36.1% during the fourth quarter. LPL Financial LLC now owns 60,834 shares of the semiconductor company’s stock valued at $4,250,000 after buying an additional 16,152 shares during the period. Empowered Funds LLC acquired a new stake in Axcelis Technologies during the fourth quarter worth approximately $465,000. Finally, Private Advisor Group LLC purchased a new stake in Axcelis Technologies in the 4th quarter worth approximately $424,000. Institutional investors and hedge funds 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.