Celestica (NYSE:CLS) Shares Gap Down – Should You Sell?

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares gapped down before the market opened on Monday . The stock had previously closed at $82.69, but opened at $76.13. Celestica shares last traded at $78.02, with a volume of 1,275,159 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLS shares. Cibc World Mkts upgraded Celestica from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. TD Securities increased their price target on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada lifted their price objective on shares of Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Canaccord Genuity Group upped their price objective on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, CIBC raised shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 target price for the company in a report on Friday, January 31st. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Stock Performance

The company has a market cap of $9.09 billion, a price-to-earnings ratio of 21.01 and a beta of 2.21. The firm’s 50 day simple moving average is $108.09 and its 200-day simple moving average is $88.07. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Insider Buying and Selling

In other Celestica news, insider Yann L. Etienvre sold 9,181 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $127.54, for a total transaction of $1,170,944.74. Following the completion of the transaction, the insider now owns 83,179 shares of the company’s stock, valued at $10,608,649.66. This trade represents a 9.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Todd C. Cooper sold 65,000 shares of Celestica stock in a transaction on Friday, February 7th. The shares were sold at an average price of $129.78, for a total value of $8,435,700.00. Following the completion of the sale, the president now directly owns 110,426 shares of the company’s stock, valued at $14,331,086.28. The trade was a 37.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Celestica by 91.2% during the 4th quarter. FMR LLC now owns 11,688,700 shares of the technology company’s stock worth $1,078,804,000 after acquiring an additional 5,574,342 shares in the last quarter. Whale Rock Capital Management LLC boosted its holdings in Celestica by 13.0% in the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock valued at $432,846,000 after purchasing an additional 975,163 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Celestica by 64.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,572,988 shares of the technology company’s stock valued at $329,460,000 after purchasing an additional 1,401,877 shares during the last quarter. FIL Ltd raised its holdings in Celestica by 5,976.1% during the fourth quarter. FIL Ltd now owns 3,463,729 shares of the technology company’s stock worth $319,662,000 after purchasing an additional 3,406,723 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Celestica by 20.2% during the 4th quarter. Invesco Ltd. now owns 2,942,816 shares of the technology company’s stock worth $271,622,000 after buying an additional 494,542 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

Celestica Company Profile

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.