Tower Semiconductor Ltd. $TSEM Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC trimmed its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM) by 47.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 29,902 shares of the semiconductor company’s stock after selling 26,893 shares during the quarter. Granahan Investment Management LLC’s holdings in Tower Semiconductor were worth $5,247,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Tower Semiconductor in the 1st quarter valued at about $12,968,000. Renaissance Technologies LLC raised its stake in Tower Semiconductor by 9.7% during the 1st quarter. Renaissance Technologies LLC now owns 274,749 shares of the semiconductor company’s stock valued at $48,213,000 after acquiring an additional 24,200 shares during the last quarter. Cetera Investment Advisers lifted its position in Tower Semiconductor by 43.8% during the 1st quarter. Cetera Investment Advisers now owns 6,954 shares of the semiconductor company’s stock worth $1,220,000 after acquiring an additional 2,118 shares during the period. First Trust Advisors LP acquired a new stake in Tower Semiconductor during the 1st quarter worth approximately $660,000. Finally, Andar Capital Management HK Ltd lifted its position in Tower Semiconductor by 44.0% during the 1st quarter. Andar Capital Management HK Ltd now owns 130,000 shares of the semiconductor company’s stock worth $22,812,000 after acquiring an additional 39,750 shares during the period. Institutional investors and hedge funds own 70.51% of the company’s stock.

Wall Street Analysts Forecast Growth

TSEM has been the topic of a number of recent research reports. UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Finally, Wedbush boosted their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.75.

Tower Semiconductor Stock Down 10.4%

Shares of NASDAQ TSEM opened at $233.37 on Friday. The stock has a market capitalization of $26.24 billion, a price-to-earnings ratio of 108.54 and a beta of 0.87. Tower Semiconductor Ltd. has a 52 week low of $43.12 and a 52 week high of $319.94. The firm has a 50-day moving average price of $254.80 and a 200 day moving average price of $193.97. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04.

Tower Semiconductor Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.