Flextronics International Ltd. (NASDAQ:FLEX) had its target price boosted by research analysts at Citigroup Inc. from $18.00 to $20.00 in a report released on Friday. The firm currently has a “buy” rating on the technology company’s stock. Citigroup Inc.’s price target would indicate a potential upside of 11.17% from the company’s current price.
Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub downgraded shares of Flextronics International from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $19.00 price target on shares of Flextronics International in a report on Friday, September 1st. Finally, Stifel Nicolaus upped their price target on shares of Flextronics International from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Flextronics International currently has an average rating of “Buy” and an average target price of $18.78.
Shares of Flextronics International (NASDAQ FLEX) traded up 3.69% on Friday, reaching $17.99. 9,194,980 shares of the company’s stock were exchanged. Flextronics International has a 12 month low of $13.35 and a 12 month high of $18.01. The firm’s 50-day moving average price is $17.07 and its 200 day moving average price is $16.53. The company has a market cap of $9.58 billion, a price-to-earnings ratio of 28.60 and a beta of 0.83.
Flextronics International (NASDAQ:FLEX) last announced its earnings results on Thursday, October 26th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. Flextronics International had a net margin of 2.25% and a return on equity of 23.05%. The firm had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts predict that Flextronics International will post $1.10 EPS for the current fiscal year.
Flextronics International declared that its Board of Directors has approved a stock buyback plan on Friday, August 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 65% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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In other news, Director Willy C. Shih sold 25,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $16.03, for a total transaction of $400,750.00. Following the completion of the transaction, the director now owns 206,895 shares of the company’s stock, valued at $3,316,526.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lay Koon Tan sold 2,728 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $15.93, for a total transaction of $43,457.04. Following the transaction, the director now directly owns 114,394 shares of the company’s stock, valued at approximately $1,822,296.42. The disclosure for this sale can be found here. 0.83% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in FLEX. Captrust Financial Advisors bought a new position in shares of Flextronics International during the second quarter valued at $171,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Flextronics International by 4.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock valued at $203,000 after acquiring an additional 516 shares during the last quarter. Airain ltd bought a new position in shares of Flextronics International during the second quarter valued at $203,000. Raymond James Trust N.A. raised its stake in shares of Flextronics International by 2.3% during the second quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock valued at $220,000 after acquiring an additional 309 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new position in shares of Flextronics International during the first quarter valued at $348,000. 94.58% of the stock is owned by hedge funds and other institutional investors.
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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