Insider Selling: Michael M. Mcnamara Sells 321,718 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQ:FLEX) CEO Michael M. Mcnamara sold 321,718 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $11.14, for a total transaction of $3,583,938.52. Following the completion of the transaction, the chief executive officer now directly owns 1,865,852 shares of the company’s stock, valued at approximately $20,785,591. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at RBC Capital raised their price target on shares of Flextronics International from $11.00 to $12.00 in a research note on Friday, June 6th. They now have an “outperform” rating on the stock. Separately, analysts at Needham & Company LLC upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. They now have a $12.00 price target on the stock. Finally, analysts at Stifel Nicolaus downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Flextronics International presently has a consensus rating of “Hold” and an average target price of $10.53.
Shares of Flextronics International (NASDAQ:FLEX) traded up 0.63% during mid-day trading on Thursday, hitting $11.24. The stock had a trading volume of 3,104,807 shares. Flextronics International has a 52 week low of $7.01 and a 52 week high of $11.46. The stock has a 50-day moving average of $10.21 and a 200-day moving average of $8.92. The company has a market cap of $6.581 billion and a price-to-earnings ratio of 18.93. Flextronics International also was the recipient of a significant growth in short interest in May. As of May 30th, there was short interest totalling 6,534,037 shares, a growth of 21.5% from the May 15th total of 5,380,006 shares. Based on an average trading volume of 6,375,178 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.1% of the company’s stock are short sold.
Flextronics International (NASDAQ:FLEX) last released its earnings data on Wednesday, April 30th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, analysts predict that Flextronics International will post $1.02 earnings per share for the current fiscal year.
Flextronics International Ltd. (NASDAQ:FLEX) is a global provider of global supply chain solutions, through which the Company designs, build, ship and services a packaged electronic product to original equipment manufacturers (OEMs) in the markets, which include High Reliability Solutions (HRS), which is consists of its medical, automotive, defense and aerospace businesses; High Velocity Solutions (HVS), which includes its mobile devices business, including smart phones, and consumer electronics, including game consoles, high-volume computing business, including notebook personal computing (PC), tablets and printers; Industrial and Emerging Industries (IEI), which is consists of its household appliances, equipment, and industries businesses, and Integrated Network Solutions (INS), which includes its telecommunications infrastructure, data networking, connected home, and server and storage businesses.
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