Flextronics International Ltd. (NASDAQ:FLEX) had its price objective upped by equities researchers at Stifel Nicolaus from $19.00 to $20.00 in a research note issued on Friday. The firm presently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 11.17% from the stock’s current price.
A number of other research analysts have also weighed in on FLEX. Zacks Investment Research lowered Flextronics International from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. ValuEngine lowered Flextronics International from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. BidaskClub lowered Flextronics International from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $19.00 price target on shares of Flextronics International in a research note on Friday, October 13th. Finally, Needham & Company LLC increased their price target on Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Flextronics International presently has an average rating of “Buy” and a consensus target price of $18.78.
Shares of Flextronics International (FLEX) traded up 3.69% during trading on Friday, reaching $17.99. The company had a trading volume of 9,194,980 shares. The firm’s 50 day moving average price is $17.07 and its 200 day moving average price is $16.53. The firm has a market capitalization of $9.58 billion, a P/E ratio of 32.12 and a beta of 0.83. Flextronics International has a 12 month low of $13.34 and a 12 month high of $18.01.
Flextronics International (NASDAQ:FLEX) last posted its earnings results on Thursday, October 26th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Flextronics International had a return on equity of 23.05% and a net margin of 2.25%. 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 company earned $0.28 EPS. Flextronics International’s revenue was up 4.3% on a year-over-year basis. Equities analysts predict that Flextronics International will post $1.10 EPS for the current year.
Flextronics International announced that its Board of Directors has initiated a stock repurchase plan on Friday, August 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 65% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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In related news, Director Willy C. Shih sold 25,000 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $16.03, for a total value of $400,750.00. Following the completion of the sale, the director now directly owns 206,895 shares in the company, valued at approximately $3,316,526.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 2,728 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $15.93, for a total value of $43,457.04. Following the completion of the sale, the director now owns 114,394 shares of the company’s stock, valued at $1,822,296.42. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Trust N.A. grew 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 in the last quarter. Cambridge Investment Research Advisors Inc. grew 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 in the last quarter. Creative Planning grew its stake in shares of Flextronics International by 0.5% during the second quarter. Creative Planning now owns 144,326 shares of the technology company’s stock valued at $2,354,000 after acquiring an additional 746 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Flextronics International by 3.5% during the second quarter. IFP Advisors Inc now owns 24,625 shares of the technology company’s stock valued at $402,000 after acquiring an additional 832 shares in the last quarter. Finally, Graybill Bartz & Assoc Ltd. grew its stake in shares of Flextronics International by 1.6% during the second quarter. Graybill Bartz & Assoc Ltd. now owns 178,129 shares of the technology company’s stock valued at $2,905,000 after acquiring an additional 2,850 shares in the last quarter. Hedge funds and other institutional investors own 94.58% of the company’s stock.
About Flextronics International
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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