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Here’s Why FormFactor (FORM) Detracted in Q4

Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 14.8% compared to a 7.4% return for the Russell 2500 Index. For the year 2022, the fund returned -19.0% compared to a -18.4% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Wedgewood Partners highlighted stocks like FormFactor, Inc. (NASDAQ:FORM) in the fourth quarter 2022 investor letter. Headquartered in Livermore, California, FormFactor, Inc. (NASDAQ:FORM) manufactures probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems. On March 6, 2023, FormFactor, Inc. (NASDAQ:FORM) stock closed at $29.05 per share. One-month return of FormFactor, Inc. (NASDAQ:FORM) was -1.29%, and its shares lost 23.77% of their value over the last 52 weeks. FormFactor, Inc. (NASDAQ:FORM) has a market capitalization of $2.241 billion.

Wedgewood Partners made the following comment about FormFactor, Inc. (NASDAQ:FORM) in its Q4 2022 investor letter:

"FormFactor, Inc. (NASDAQ:FORM) continued to detract from performance after the Company again disappointed on its revenue and earnings outlook. While the Company likely has overcome its short-term issues with Intel, FormFactor was newly affected by the U.S. Commerce Department's October announcement of export controls on semiconductor equipment for certain customers located in Mainland China. FormFactor has giving a very conservative outlook for the effects of these export controls and over a multi-year time horizon the Company should be able to work its way around them. Despite what we think are near-term issues, the semiconductor industry's long[1]term trend of reinvesting of over 20% of revenues into R&D is still intact. Demand for FormFactor test cards is a function of that new product development and should serve to support attractive growth at FormFactor's over the next several years."

FormFactor, Inc. (NASDAQ:FORM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held FormFactor, Inc. (NASDAQ:FORM) at the end of the fourth quarter which was 21 in the previous quarter.

We discussed FormFactor, Inc. (NASDAQ:FORM) in another article and shared Wedgewood Partners' views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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