Morgan Stanley Increases Stock Offering to 4.6M Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 14 2026
0mins
The deal size was increased to 4.6M shares of common stock from 3.8M shares of common stock and priced at the bottom of the $44.00-$46.50 range. Morgan Stanley acted as lead book running manager for the offering.
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Analyst Views on PDFS
Wall Street analysts forecast PDFS stock price to fall
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 48.930
Low
33.00
Averages
34.75
High
36.00
Current: 48.930
Low
33.00
Averages
34.75
High
36.00
About PDFS
PDF Solutions, Inc. is a provider of comprehensive data solutions for the semiconductor ecosystem. The Company offers products and services designed to help organizations across the semiconductor and electronics ecosystems to connect, collect, manage, and analyze data about design, equipment, manufacturing, and test to improve the yield and quality of their products. Its offerings combine proprietary software, professional services and third-party cloud-hosting platforms for software-as-a-service, electrical measurement hardware tools and physical intellectual property for integrated circuit designs. The Company's products, services and solutions have been sold to integrated device manufacturers, fabless semiconductor companies, foundries, capital equipment manufacturers and system houses. The primary software products and software and hardware systems of its platform include Exensio Software, Design-for-Inspection System, Characterization Vehicle System and Cimetrix Software Products.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
PDF Solutions Prices Public Offering of 4.57 Million Shares
- Increased Offering Size: PDF Solutions announced a public offering of 4,568,308 shares at $44.00 per share, up from the previously announced 3,806,924 shares, with the offering expected to close on May 15, 2026, indicating strong market demand for its stock.
- Significant Financing Proceeds: The offering is projected to generate approximately $55.5 million in gross proceeds for the company, although it will not receive any funds from the shares sold by the selling stockholder, enhancing its capital structure and supporting future growth strategies.
- Strong Underwriter Lineup: Morgan Stanley acts as the sole active book-running manager alongside several other financial institutions, reflecting market confidence in PDF Solutions and potentially boosting its reputation among investors.
- Compliance Assurance: The offering is conducted under an SEC registration statement, ensuring all securities transactions comply with relevant laws and regulations, which enhances investor trust and lays the groundwork for future financing activities.
See More
PDF Solutions Prices Public Offering of 4.57 Million Shares at $44 Each
- Increased Offering Size: PDF Solutions announced the pricing of 4,568,308 shares of common stock at $44.00 each, up from the previously announced 3,806,924 shares, indicating heightened market demand and expected gross proceeds of approximately $55.5 million.
- Stock Price Volatility: Despite the successful offering, PDF Solutions' shares fell about 10% in after-hours trading, reflecting a negative market reaction to the new issuance, which could impact investor confidence and the company's short-term market performance.
- Shareholder Participation: The offering includes shares sold by both the company and selling shareholder Advantest Corporation, highlighting a collaborative relationship with key stakeholders that may bolster market confidence in the company's future prospects.
- Future Outlook: PDF Solutions has reaffirmed its 20% revenue growth target and plans six eProbe shipments in 2026, demonstrating a proactive strategy in technology innovation and market expansion, although current stock price fluctuations may affect its financing capabilities.
See More
PDF Solutions Launches Underwritten Public Offering
- Offering Size: PDF Solutions announced an underwritten public offering of approximately 3.81 million shares of common stock, including 3.31 million shares from selling shareholder Advantest America and 500,000 shares from the company, indicating a significant capital raising effort.
- Underwriter Arrangement: Morgan Stanley is acting as the sole active book-running manager, with Wells Fargo Securities, Societe Generale, and Needham & Company serving as book-running managers, which may enhance market confidence in the offering.
- Additional Share Option: The underwriters have a 30-day option to purchase up to an additional 571,038 shares, providing the company with flexibility for further capital raising, potentially increasing cash inflow if market demand is strong.
- Stock Price Reaction: Following the public offering announcement, PDF Solutions' stock fell by 6.7% in after-hours trading, reflecting market concerns regarding the offering and potentially impacting investor confidence in the company's future performance.
See More
PDF Solutions Q1 2026 Earnings Call Highlights
- Performance Momentum: PDF Solutions reported total revenue of $60.1 million in Q1 2026, with platform revenue at $50.9 million, indicating a strengthening leadership position in the semiconductor data analytics sector as compared to the previous year.
- Bookings and Backlog: The company ended the quarter with a backlog of $246 million, up 9% year-over-year, reflecting strong customer demand, particularly from large clients for Exensio and Cimetrix products.
- Capital Investment and Product Development: In terms of eProbe systems, the company plans to ship six machines in 2026, having shipped one in Q1, with revenue contribution expected to begin in Q2, showcasing a positive outlook for future revenue growth.
- Long-term Growth Targets: Management reiterated that 2026 revenue is expected to align with the 20% long-term growth target, with gross margins projected to reach 77% and operating margins at 27%, reflecting confidence in AI-driven market demand.
See More
PDF Solutions Reports Transformative 2025 Earnings Results
- Significant Revenue Growth: PDF Solutions reported total revenues of $219 million for 2025, a 22% year-over-year increase, with Q4 revenues reaching $62.4 million, reflecting a 25% growth compared to the same quarter last year, indicating strong demand and market share gains in the semiconductor sector.
- Platform Revenue Increase: The platform revenue for Q4 was $52.5 million, up 20% year-over-year, while volume-based revenue reached $9.9 million, a 58% increase, showcasing the company's significant advancements in AI-driven collaboration and product innovation.
- Margin and Operational Efficiency: Q4 gross margin stood at 77% with an operating margin of 24% and EPS of $0.30, reflecting enhanced profitability due to scale effects, alongside effective cost management as operating expenses grew at a slower pace than revenue.
- Optimistic Future Outlook: Management anticipates that 2026 revenues will align with their 20% long-term growth target, emphasizing the accelerating demand for AI-driven collaboration, which underscores the company's competitive edge and sustainable growth potential.
See More
PDF Solutions Reports Strong Q4 Earnings Beat
- Earnings Beat: PDF Solutions reported a Q4 non-GAAP EPS of $0.30, exceeding expectations by $0.06, indicating a robust improvement in profitability that is likely to positively influence stock performance.
- Significant Revenue Growth: The company achieved Q4 revenue of $62.4 million, a 24.6% year-over-year increase, surpassing the anticipated $61.95 million, reflecting strong market demand and effective business expansion.
- Positive Market Reaction: Following the earnings beat, analysts and investors expressed optimism about PDF Solutions' growth prospects, which may attract more investor interest and further drive stock price appreciation.
- Strategic Development Potential: The company demonstrated strong competitive positioning post-earnings release, with expectations to enhance its industry standing and influence through ongoing innovation and market expansion strategies.
See More
PDF Solutions Prices Public Offering of 4.57 Million Shares
- Increased Offering Size: PDF Solutions announced a public offering of 4,568,308 shares at $44.00 per share, up from the previously announced 3,806,924 shares, with the offering expected to close on May 15, 2026, indicating strong market demand for its stock.
- Significant Financing Proceeds: The offering is projected to generate approximately $55.5 million in gross proceeds for the company, although it will not receive any funds from the shares sold by the selling stockholder, enhancing its capital structure and supporting future growth strategies.
- Strong Underwriter Lineup: Morgan Stanley acts as the sole active book-running manager alongside several other financial institutions, reflecting market confidence in PDF Solutions and potentially boosting its reputation among investors.
- Compliance Assurance: The offering is conducted under an SEC registration statement, ensuring all securities transactions comply with relevant laws and regulations, which enhances investor trust and lays the groundwork for future financing activities.
See More
PDF Solutions Prices Public Offering of 4.57 Million Shares at $44 Each
- Increased Offering Size: PDF Solutions announced the pricing of 4,568,308 shares of common stock at $44.00 each, up from the previously announced 3,806,924 shares, indicating heightened market demand and expected gross proceeds of approximately $55.5 million.
- Stock Price Volatility: Despite the successful offering, PDF Solutions' shares fell about 10% in after-hours trading, reflecting a negative market reaction to the new issuance, which could impact investor confidence and the company's short-term market performance.
- Shareholder Participation: The offering includes shares sold by both the company and selling shareholder Advantest Corporation, highlighting a collaborative relationship with key stakeholders that may bolster market confidence in the company's future prospects.
- Future Outlook: PDF Solutions has reaffirmed its 20% revenue growth target and plans six eProbe shipments in 2026, demonstrating a proactive strategy in technology innovation and market expansion, although current stock price fluctuations may affect its financing capabilities.
See More
PDF Solutions Launches Underwritten Public Offering
- Offering Size: PDF Solutions announced an underwritten public offering of approximately 3.81 million shares of common stock, including 3.31 million shares from selling shareholder Advantest America and 500,000 shares from the company, indicating a significant capital raising effort.
- Underwriter Arrangement: Morgan Stanley is acting as the sole active book-running manager, with Wells Fargo Securities, Societe Generale, and Needham & Company serving as book-running managers, which may enhance market confidence in the offering.
- Additional Share Option: The underwriters have a 30-day option to purchase up to an additional 571,038 shares, providing the company with flexibility for further capital raising, potentially increasing cash inflow if market demand is strong.
- Stock Price Reaction: Following the public offering announcement, PDF Solutions' stock fell by 6.7% in after-hours trading, reflecting market concerns regarding the offering and potentially impacting investor confidence in the company's future performance.
See More
PDF Solutions Q1 2026 Earnings Call Highlights
- Performance Momentum: PDF Solutions reported total revenue of $60.1 million in Q1 2026, with platform revenue at $50.9 million, indicating a strengthening leadership position in the semiconductor data analytics sector as compared to the previous year.
- Bookings and Backlog: The company ended the quarter with a backlog of $246 million, up 9% year-over-year, reflecting strong customer demand, particularly from large clients for Exensio and Cimetrix products.
- Capital Investment and Product Development: In terms of eProbe systems, the company plans to ship six machines in 2026, having shipped one in Q1, with revenue contribution expected to begin in Q2, showcasing a positive outlook for future revenue growth.
- Long-term Growth Targets: Management reiterated that 2026 revenue is expected to align with the 20% long-term growth target, with gross margins projected to reach 77% and operating margins at 27%, reflecting confidence in AI-driven market demand.
See More
PDF Solutions Reports Transformative 2025 Earnings Results
- Significant Revenue Growth: PDF Solutions reported total revenues of $219 million for 2025, a 22% year-over-year increase, with Q4 revenues reaching $62.4 million, reflecting a 25% growth compared to the same quarter last year, indicating strong demand and market share gains in the semiconductor sector.
- Platform Revenue Increase: The platform revenue for Q4 was $52.5 million, up 20% year-over-year, while volume-based revenue reached $9.9 million, a 58% increase, showcasing the company's significant advancements in AI-driven collaboration and product innovation.
- Margin and Operational Efficiency: Q4 gross margin stood at 77% with an operating margin of 24% and EPS of $0.30, reflecting enhanced profitability due to scale effects, alongside effective cost management as operating expenses grew at a slower pace than revenue.
- Optimistic Future Outlook: Management anticipates that 2026 revenues will align with their 20% long-term growth target, emphasizing the accelerating demand for AI-driven collaboration, which underscores the company's competitive edge and sustainable growth potential.
See More
PDF Solutions Reports Strong Q4 Earnings Beat
- Earnings Beat: PDF Solutions reported a Q4 non-GAAP EPS of $0.30, exceeding expectations by $0.06, indicating a robust improvement in profitability that is likely to positively influence stock performance.
- Significant Revenue Growth: The company achieved Q4 revenue of $62.4 million, a 24.6% year-over-year increase, surpassing the anticipated $61.95 million, reflecting strong market demand and effective business expansion.
- Positive Market Reaction: Following the earnings beat, analysts and investors expressed optimism about PDF Solutions' growth prospects, which may attract more investor interest and further drive stock price appreciation.
- Strategic Development Potential: The company demonstrated strong competitive positioning post-earnings release, with expectations to enhance its industry standing and influence through ongoing innovation and market expansion strategies.
See More
