Ultra Clean (NASDAQ:UCTT) Given New $30.00 Price Target at Oppenheimer

Ultra Clean (NASDAQ:UCTT) had its target price dropped by Oppenheimer from $60.00 to $30.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price objective suggests a potential upside of 54.73% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of Ultra Clean in a research note on Thursday, March 6th.

Ultra Clean Price Performance

Shares of NASDAQ:UCTT traded down $0.30 during midday trading on Friday, reaching $19.39. The company’s stock had a trading volume of 118,354 shares, compared to its average volume of 419,005. The business’s fifty day simple moving average is $27.44 and its 200-day simple moving average is $33.77. The company has a market capitalization of $875.02 million, a P/E ratio of 241.83, a P/E/G ratio of 0.51 and a beta of 2.14. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.75 and a quick ratio of 1.63. Ultra Clean has a fifty-two week low of $16.66 and a fifty-two week high of $56.47.

Insider Activity

In related news, insider Bill Bentinck purchased 3,000 shares of Ultra Clean stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $25.17 per share, for a total transaction of $75,510.00. Following the transaction, the insider now directly owns 60,695 shares of the company’s stock, valued at approximately $1,527,693.15. This trade represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ernest E. Maddock acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $24.29 per share, with a total value of $242,900.00. Following the completion of the purchase, the director now owns 11,000 shares of the company’s stock, valued at $267,190. This trade represents a 1,000.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Ultra Clean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new stake in shares of Ultra Clean in the 3rd quarter valued at about $191,000. Jane Street Group LLC grew its holdings in Ultra Clean by 171.1% during the third quarter. Jane Street Group LLC now owns 98,459 shares of the semiconductor company’s stock valued at $3,931,000 after purchasing an additional 62,134 shares during the period. XTX Topco Ltd bought a new stake in Ultra Clean in the third quarter valued at approximately $476,000. Barclays PLC raised its holdings in Ultra Clean by 395.1% in the third quarter. Barclays PLC now owns 83,577 shares of the semiconductor company’s stock worth $3,337,000 after purchasing an additional 66,695 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Ultra Clean by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,047,719 shares of the semiconductor company’s stock worth $41,843,000 after purchasing an additional 10,501 shares in the last quarter. Institutional investors own 96.06% of the company’s stock.

Ultra Clean Company Profile

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.