Flextronics International Ltd. (FLEX) PT Raised to $20.00
Flextronics International Ltd. (NASDAQ:FLEX) had its target price increased by investment analysts at Citigroup Inc. from $18.00 to $20.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the technology company’s stock. Citigroup Inc.’s price objective indicates a potential upside of 15.27% from the company’s current price.
Several other research firms have also recently issued reports on FLEX. Royal Bank Of Canada restated a “buy” rating and set a $19.00 target price on shares of Flextronics International in a research note on Friday, September 1st. Zacks Investment Research cut shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub cut shares of Flextronics International from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Stifel Nicolaus increased their price objective on shares of Flextronics International from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday. Finally, ValuEngine upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Flextronics International currently has an average rating of “Buy” and an average price target of $18.19.
Flextronics International (NASDAQ:FLEX) traded up 0.144% on Friday, hitting $17.375. 858,259 shares of the company were exchanged. The company has a 50 day moving average price of $16.99 and a 200-day moving average price of $16.51. Flextronics International has a 52 week low of $13.34 and a 52 week high of $17.88. The stock has a market capitalization of $9.25 billion, a P/E ratio of 27.623 and a beta of 0.83.
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 the Thomson Reuters’ consensus estimate of $0.26 by $0.01. The business had revenue of $6.27 billion for the quarter, compared to analysts’ expectations of $6.09 billion. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. On average, equities analysts expect that Flextronics International will post $1.10 earnings per share for the current fiscal year.
Flextronics International announced that its Board of Directors has initiated a share repurchase plan on Friday, August 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 65% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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In other Flextronics International news, Director Lay Koon Tan sold 2,728 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 114,394 shares of the company’s stock, valued at approximately $1,822,296.42. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Willy C. Shih sold 25,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 206,895 shares of the company’s stock, valued at $3,316,526.85. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Captrust Financial Advisors purchased a new stake in Flextronics International during the 2nd quarter valued at approximately $171,000. Cambridge Investment Research Advisors Inc. grew its holdings in Flextronics International by 4.5% during the 1st 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 in the last quarter. Airain ltd purchased a new stake in Flextronics International during the 2nd quarter valued at approximately $203,000. Raymond James Trust N.A. grew its holdings in Flextronics International by 2.3% during the 2nd quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock valued at $220,000 after buying an additional 309 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in Flextronics International during the 1st quarter valued at approximately $348,000. 94.58% of the stock is owned by institutional investors and hedge funds.
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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