Needham & Company LLC Has Lowered Expectations for Ultra Clean (NASDAQ:UCTT) Stock Price

Ultra Clean (NASDAQ:UCTT) had its price objective cut by analysts at Needham & Company LLC from $50.00 to $44.00 in a research note issued on Tuesday, Marketbeat reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective points to a potential upside of 22.63% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. TD Cowen boosted their target price on Ultra Clean from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 26th. Craig Hallum boosted their price objective on shares of Ultra Clean from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Oppenheimer started coverage on shares of Ultra Clean in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $70.00 target price for the company. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $57.75.

Ultra Clean Stock Up 2.2 %

Shares of NASDAQ:UCTT opened at $35.88 on Tuesday. Ultra Clean has a 1-year low of $23.41 and a 1-year high of $56.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.73 and a quick ratio of 1.60. The stock has a market cap of $1.60 billion, a P/E ratio of -43.09 and a beta of 2.08. The firm has a fifty day moving average price of $36.60 and a 200 day moving average price of $42.03.

Ultra Clean (NASDAQ:UCTT) last announced its earnings results on Monday, October 28th. The semiconductor company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $540.40 million during the quarter, compared to the consensus estimate of $515.88 million. Ultra Clean had a negative net margin of 0.46% and a positive return on equity of 2.59%. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. Sell-side analysts predict that Ultra Clean will post 1.1 EPS for the current year.

Institutional Trading of Ultra Clean

A number of institutional investors have recently modified their holdings of UCTT. Moloney Securities Asset Management LLC acquired a new stake in Ultra Clean in the third quarter valued at $1,048,000. Harbor Capital Advisors Inc. lifted its stake in shares of Ultra Clean by 130.1% in the third quarter. Harbor Capital Advisors Inc. now owns 367,212 shares of the semiconductor company’s stock valued at $14,663,000 after purchasing an additional 207,633 shares during the period. Pinnacle Associates Ltd. lifted its stake in shares of Ultra Clean by 2.1% in the third quarter. Pinnacle Associates Ltd. now owns 420,709 shares of the semiconductor company’s stock valued at $16,799,000 after purchasing an additional 8,471 shares during the period. Lodestar Private Asset Management LLC purchased a new stake in Ultra Clean during the third quarter worth about $885,000. Finally, Assenagon Asset Management S.A. grew its position in Ultra Clean by 454.2% during the third quarter. Assenagon Asset Management S.A. now owns 335,096 shares of the semiconductor company’s stock worth $13,380,000 after buying an additional 274,628 shares during the period. 96.06% of the stock is currently owned by hedge funds and other institutional investors.

About Ultra Clean

Ultra Clean Holdings, Inc develops and supplies critical subsystems, components and parts, and ultra-high purity cleaning and analytical services for the semiconductor industry in the United States and internationally. The company provides ultra-clean valves, high purity connectors, industrial process connectors and valves, pneumatic actuators, manifolds and safety solutions, hoses, pressure gauges, and gas line and component heaters; chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber; and gas delivery systems, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system.