Amkor Technology (NASDAQ:AMKR) Given New $22.00 Price Target at Needham & Company LLC

Amkor Technology (NASDAQ:AMKR) had its price target cut by analysts at Needham & Company LLC from $34.00 to $22.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 25.86% from the company’s previous close.

Several other research analysts have also issued reports on AMKR. Melius Research lowered shares of Amkor Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, January 6th. B. Riley lowered Amkor Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 21st. KeyCorp reaffirmed a “sector weight” rating on shares of Amkor Technology in a research report on Thursday, April 17th. Morgan Stanley reduced their target price on shares of Amkor Technology from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 11th. Finally, Melius lowered Amkor Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $34.00 to $30.00 in a report on Monday, January 6th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.00.

Amkor Technology Stock Performance

Shares of Amkor Technology stock opened at $17.48 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.11 and a quick ratio of 1.90. The stock’s 50-day moving average is $18.55 and its 200-day moving average is $23.51. Amkor Technology has a one year low of $14.03 and a one year high of $44.86. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 12.22 and a beta of 1.88.

Amkor Technology (NASDAQ:AMKR) last posted its quarterly earnings data on Monday, April 28th. The semiconductor company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Amkor Technology had a return on equity of 8.59% and a net margin of 5.60%. Equities analysts predict that Amkor Technology will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kevin Engel sold 5,489 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $21.69, for a total transaction of $119,056.41. Following the transaction, the executive vice president now owns 1,388 shares of the company’s stock, valued at approximately $30,105.72. This represents a 79.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Agnes C. Kim sold 869,565 shares of Amkor Technology stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $21.85, for a total transaction of $18,999,995.25. Following the sale, the insider now owns 10,020,870 shares of the company’s stock, valued at $218,956,009.50. The trade was a 7.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 26.90% of the company’s stock.

Hedge Funds Weigh In On Amkor Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. purchased a new position in shares of Amkor Technology in the 4th quarter valued at approximately $27,000. UMB Bank n.a. raised its position in shares of Amkor Technology by 677.0% in the first quarter. UMB Bank n.a. now owns 1,756 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 1,530 shares during the period. Jones Financial Companies Lllp grew its holdings in Amkor Technology by 353.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,488 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 1,160 shares during the period. Bessemer Group Inc. increased its holdings in Amkor Technology by 421.0% in the 4th quarter. Bessemer Group Inc. now owns 1,537 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 1,242 shares in the last quarter. Finally, Hurley Capital LLC purchased a new stake in shares of Amkor Technology during the fourth quarter worth about $43,000. 42.76% of the stock is currently owned by institutional investors.

Amkor Technology Company Profile

Amkor Technology, Inc provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage.