Axcelis Technologies (NASDAQ:ACLS) declared that its board has approved a stock buyback program, which authorizes the company to buyback $35.00 million in shares on Monday, January 14th. This buyback authorization authorizes the semiconductor company to reacquire up to 5.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
ACLS has been the subject of several analyst reports. BidaskClub downgraded Axcelis Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. B. Riley downgraded Axcelis Technologies from a “buy” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $20.00 in a research report on Monday, October 29th. Benchmark downgraded Axcelis Technologies from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Zacks Investment Research downgraded Axcelis Technologies from a “hold” rating to a “sell” rating in a research report on Monday, November 5th. Finally, ValuEngine upgraded Axcelis Technologies from a “strong sell” rating to a “sell” rating in a research report on Wednesday, November 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Axcelis Technologies presently has a consensus rating of “Hold” and a consensus price target of $27.00.
Axcelis Technologies stock opened at $19.26 on Thursday. The company has a market cap of $600.27 million, a P/E ratio of 13.01 and a beta of 1.03. Axcelis Technologies has a one year low of $15.46 and a one year high of $31.00.
In other Axcelis Technologies news, Director John T. Kurtzweil sold 2,500 shares of Axcelis Technologies stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $17.61, for a total value of $44,025.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.31% 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 worldwide. The company offers a line of high energy, high current, and medium current implanters for various application requirements. It also provides dry strip equipment, curing systems, and thermal processing systems.
Read More: SEC Filing
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