ValuEngine downgraded shares of Flextronics International Ltd. (NASDAQ:FLEX) from a buy rating to a hold rating in a report issued on Friday, July 14th.
A number of other research analysts also recently weighed in on FLEX. Citigroup Inc. set a $18.00 target price on shares of Flextronics International and gave the company a buy rating in a research report on Monday, March 20th. Royal Bank Of Canada reaffirmed a buy rating and issued a $22.00 target price on shares of Flextronics International in a research report on Tuesday, March 28th. Zacks Investment Research raised shares of Flextronics International from a hold rating to a buy rating and set a $19.00 price objective for the company in a research report on Tuesday, March 28th. Deutsche Bank AG reissued a hold rating and issued a $16.00 price objective (up previously from $15.00) on shares of Flextronics International in a research report on Saturday, April 29th. Finally, Craig Hallum raised shares of Flextronics International from a hold rating to a buy rating in a research report on Friday, May 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $17.75.
Flextronics International (FLEX) opened at 15.69 on Friday. The stock’s 50 day moving average is $16.46 and its 200 day moving average is $16.38. Flextronics International has a 12-month low of $12.41 and a 12-month high of $17.76. The stock has a market capitalization of $8.35 billion, a PE ratio of 24.94 and a beta of 0.79.
Flextronics International (NASDAQ:FLEX) last released its earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.91 billion. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. Analysts forecast that Flextronics International will post $1.09 EPS for the current year.
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In other news, CAO David P. Bennett sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $16.20, for a total value of $405,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 68,987 shares in the company, valued at approximately $1,117,589.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO David P. Bennett sold 5,656 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $16.61, for a total transaction of $93,946.16. Following the completion of the transaction, the chief accounting officer now owns 62,974 shares of the company’s stock, valued at $1,045,998.14. The disclosure for this sale can be found here. Insiders sold a total of 1,133,609 shares of company stock valued at $18,584,817 in the last quarter. Corporate insiders own 0.83% of the company’s stock.
Several institutional investors have recently modified their holdings of FLEX. South Street Advisors LLC purchased a new position in shares of Flextronics International during the second quarter valued at approximately $3,277,000. Captrust Financial Advisors bought a new stake in shares of Flextronics International during the second quarter valued at about $171,000. Raymond James Trust N.A. raised its stake in shares of Flextronics International by 2.3% in the second quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock valued at $220,000 after buying an additional 309 shares during the period. Thompson Siegel & Walmsley LLC raised its stake in shares of Flextronics International by 2.8% in the second quarter. Thompson Siegel & Walmsley LLC now owns 4,575,365 shares of the technology company’s stock valued at $74,624,000 after buying an additional 126,700 shares during the period. Finally, Airain ltd bought a new stake in shares of Flextronics International during the second quarter valued at about $203,000. Institutional investors own 90.64% of the company’s stock.
Flextronics International Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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