Flextronics International Ltd. (FLEX) Rating Reiterated by Royal Bank Of Canada
Royal Bank Of Canada reissued their buy rating on shares of Flextronics International Ltd. (NASDAQ:FLEX) in a report published on Friday. The firm currently has a $21.00 price target on the technology company’s stock.
A number of other brokerages also recently issued reports on FLEX. Craig Hallum upgraded Flextronics International from a hold rating to a buy rating in a research report on Friday, May 12th. Zacks Investment Research downgraded Flextronics International from a buy rating to a hold rating in a research report on Wednesday, March 29th. Bank of America Corporation restated a buy rating and issued a $19.50 price target (up from $17.50) on shares of Flextronics International in a research report on Wednesday, May 17th. Citigroup Inc. set a $18.00 price target on Flextronics International and gave the stock a buy rating in a research report on Monday, March 20th. Finally, BidaskClub downgraded Flextronics International from a hold rating to a sell rating in a research report on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $17.13.
Shares of Flextronics International (NASDAQ FLEX) opened at 16.93 on Friday. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 28.69 and a beta of 0.75. Flextronics International has a 12-month low of $11.51 and a 12-month high of $17.76. The company’s 50-day moving average is $16.55 and its 200-day moving average is $15.91.
Flextronics International (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, April 27th. The technology company reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. The company had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $5.68 billion. Flextronics International had a return on equity of 21.19% and a net margin of 1.34%. Flextronics International’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. Analysts predict that Flextronics International will post $1.21 EPS for the current year.
In other news, CEO Michael M. Mcnamara sold 48,317 shares of Flextronics International stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $16.52, for a total transaction of $798,196.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 5,656 shares of Flextronics International stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total value of $93,946.16. Following the sale, 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. Over the last quarter, insiders have sold 387,718 shares of company stock valued at $6,405,086. Corporate insiders own 0.94% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in FLEX. Toronto Dominion Bank increased its stake in Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock valued at $100,000 after buying an additional 1,234 shares during the period. Keybank National Association OH acquired a new stake in Flextronics International during the first quarter valued at $199,000. Cambridge Investment Research Advisors Inc. increased its stake in Flextronics International by 4.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock valued at $203,000 after buying an additional 516 shares during the period. FNY Partners Fund LP acquired a new stake in Flextronics International during the first quarter valued at $214,000. Finally, Ronald Blue & Co. LLC increased its stake in Flextronics International by 8.8% in the first quarter. Ronald Blue & Co. LLC now owns 13,062 shares of the technology company’s stock valued at $219,000 after buying an additional 1,059 shares during the period. Institutional investors and hedge funds own 91.16% 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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