Axcelis Technologies (NASDAQ:ACLS) to Buyback $100.00 million in Stock

Axcelis Technologies (NASDAQ:ACLS) declared that its board has authorized a share buyback program on Wednesday, March 12th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 5.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Axcelis Technologies Stock Up 3.2 %

NASDAQ:ACLS traded up $1.82 during midday trading on Wednesday, reaching $59.42. The company had a trading volume of 903,324 shares, compared to its average volume of 676,284. Axcelis Technologies has a 12-month low of $53.67 and a 12-month high of $158.61. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of 9.66, a PEG ratio of 4.52 and a beta of 1.62. The company has a current ratio of 5.41, a quick ratio of 4.05 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $65.49 and its 200-day simple moving average is $80.35.

Axcelis Technologies (NASDAQ:ACLS) last announced its quarterly earnings data on Monday, February 10th. The semiconductor company reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.29. Axcelis Technologies had a return on equity of 21.02% and a net margin of 19.75%. On average, sell-side analysts anticipate that Axcelis Technologies will post 2.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ACLS shares. William Blair lowered Axcelis Technologies from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 12th. Needham & Company LLC reiterated a “hold” rating on shares of Axcelis Technologies in a report on Wednesday, February 12th. Finally, Craig Hallum lowered their target price on Axcelis Technologies from $115.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Axcelis Technologies currently has an average rating of “Hold” and a consensus target price of $154.00.

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.