Flextronics International Ltd. (FLEX) Stock Rating Reaffirmed by Royal Bank Of Canada
Royal Bank Of Canada restated their buy rating on shares of Flextronics International Ltd. (NASDAQ:FLEX) in a research report report published on Friday morning. They currently have a $19.00 target price on the technology company’s stock.
Several other analysts have also recently weighed in on the stock. ValuEngine upgraded shares of Flextronics International from a hold rating to a buy rating in a research report on Friday, September 1st. Needham & Company LLC raised their price objective on shares of Flextronics International from $17.00 to $19.00 and gave the company a buy rating in a research report on Tuesday, July 18th. Zacks Investment Research upgraded shares of Flextronics International from a sell rating to a hold rating in a research report on Tuesday, September 26th. Macquarie started coverage on shares of Flextronics International in a research report on Thursday, June 22nd. They set a neutral rating on the stock. Finally, BidaskClub cut shares of Flextronics International from a sell rating to a strong sell rating in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $17.56.
Shares of Flextronics International (NASDAQ FLEX) opened at 17.61 on Friday. The company has a market cap of $9.33 billion, a PE ratio of 29.85 and a beta of 0.83. Flextronics International has a 1-year low of $13.34 and a 1-year high of $17.76. The firm’s 50 day moving average is $16.69 and its 200-day moving average is $16.45.
Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.27 EPS. Equities analysts expect that Flextronics International will post $1.09 earnings per share for the current year.
Flextronics International declared that its Board of Directors has approved a share repurchase program on Friday, August 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 65% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, insider David P. Bennett sold 6,250 shares of Flextronics International stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $17.02, for a total value of $106,375.00. Following the transaction, the insider now owns 54,299 shares in the company, valued at approximately $924,168.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lay Koon Tan sold 2,728 shares of Flextronics International stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $15.93, for a total transaction of $43,457.04. Following the completion of the transaction, the director now owns 114,394 shares in the company, valued at approximately $1,822,296.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,978 shares of company stock worth $550,582. 0.83% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of FLEX. OppenheimerFunds Inc. raised its position in Flextronics International by 7.4% in the 1st quarter. OppenheimerFunds Inc. now owns 995,536 shares of the technology company’s stock worth $16,725,000 after purchasing an additional 68,990 shares during the period. FMR LLC raised its position in Flextronics International by 7.8% in the 1st quarter. FMR LLC now owns 1,796,240 shares of the technology company’s stock worth $30,177,000 after purchasing an additional 129,993 shares during the period. PNC Financial Services Group Inc. raised its position in Flextronics International by 106.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 110,351 shares of the technology company’s stock worth $1,855,000 after purchasing an additional 56,896 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in Flextronics International in the 1st quarter worth $348,000. Finally, Marshall Wace North America L.P. purchased a new position in Flextronics International in the 1st quarter worth $348,000. Institutional investors own 94.78% 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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