Flextronics International Ltd. (FLEX) Rating Increased to Buy at Zacks Investment Research
Flextronics International Ltd. (NASDAQ:FLEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $15.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.52% from the company’s current price.
According to Zacks, “Flextronic International is a leading provider of advanced electronics manufacturing services to OEMs primarily in the telecommunications and networking, consumer electronics and computer industries. The company’s strategy is to provide customers with the ability to outsource, on a global basis, a complete product wherethe company’s take responsibility for engineering, supply chain management, assembly, integration, test and logistics management. The company provides complete product design services, including electrical and mechanical, circuit and layout. “
FLEX has been the subject of a number of other reports. B. Riley reissued a “buy” rating and set a $14.50 price objective on shares of Flextronics International in a report on Tuesday, September 6th. Standpoint Research cut Flextronics International from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. Royal Bank Of Canada reissued an “outperform” rating and set a $14.00 price objective (up from $13.00) on shares of Flextronics International in a report on Monday, May 23rd. Raymond James Financial Inc. reissued a “strong-buy” rating and set a $14.00 price objective on shares of Flextronics International in a report on Monday, July 11th. Finally, Goldman Sachs Group Inc. raised Flextronics International from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $16.00 in a report on Tuesday. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $14.09.
Flextronics International (NASDAQ:FLEX) opened at 13.45 on Tuesday. The stock’s 50 day moving average is $12.91 and its 200 day moving average is $12.45. Flextronics International has a 52-week low of $8.85 and a 52-week high of $13.49. The company has a market cap of $7.35 billion, a price-to-earnings ratio of 17.03 and a beta of 0.97.
Flextronics International (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.27. The company earned $5.88 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Flextronics International had a return on equity of 22.68% and a net margin of 1.77%. Equities research analysts forecast that Flextronics International will post $1.19 earnings per share for the current year.
In other news, CFO Christopher Collier sold 14,020 shares of the business’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $11.79, for a total transaction of $165,295.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director H Raymond Bingham sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $13.20, for a total value of $330,000.00. The disclosure for this sale can be found here. Insiders own 0.94% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in Flextronics International by 16.1% in the first quarter. BlackRock Inc. now owns 1,898,936 shares of the company’s stock valued at $22,901,000 after buying an additional 263,323 shares during the last quarter. Algert Global LLC bought a new position in Flextronics International during the first quarter valued at about $445,000. Prudential Financial Inc. raised its position in Flextronics International by 16.2% in the first quarter. Prudential Financial Inc. now owns 214,318 shares of the company’s stock valued at $2,585,000 after buying an additional 29,836 shares during the last quarter. Teachers Advisors Inc. raised its position in Flextronics International by 64.7% in the first quarter. Teachers Advisors Inc. now owns 1,133,622 shares of the company’s stock valued at $13,671,000 after buying an additional 445,310 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Flextronics International by 41.7% in the first quarter. TIAA CREF Investment Management LLC now owns 2,218,529 shares of the company’s stock valued at $26,755,000 after buying an additional 652,721 shares during the last quarter. Institutional investors own 91.36% of the company’s stock.
Flextronics International Company Profile
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