Flextronics International Ltd. (FLEX) Hits New 12-Month High at $13.49
Shares of Flextronics International Ltd. (NASDAQ:FLEX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $13.49 and last traded at $13.06, with a volume of 3,871,691 shares changing hands. The stock had previously closed at $13.07.
Several research firms recently commented on FLEX. Goldman Sachs Group Inc. upgraded Flextronics International from a “neutral” rating to a “buy” rating and raised their target price for the company from $13.00 to $16.00 in a research report on Tuesday. B. Riley restated a “buy” rating and issued a $14.50 target price on shares of Flextronics International in a research report on Tuesday, September 6th. Argus restated a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of Flextronics International in a research report on Tuesday, July 26th. Raymond James Financial Inc. restated a “strong-buy” rating and issued a $14.00 target price on shares of Flextronics International in a research report on Tuesday, July 26th. Finally, Zacks Investment Research cut Flextronics International from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Flextronics International currently has an average rating of “Buy” and a consensus target price of $13.92.
The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 16.57 and a beta of 0.97. The company has a 50 day moving average of $12.86 and a 200 day moving average of $12.43.
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Flextronics International (NASDAQ:FLEX) last announced its earnings results on Thursday, July 21st. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The business had revenue of $5.88 billion for the quarter, compared to the consensus estimate of $5.71 billion. Flextronics International had a return on equity of 22.68% and a net margin of 1.77%. Equities analysts expect that Flextronics International Ltd. will post $1.19 EPS for the current year.
In other news, CFO Christopher Collier sold 14,020 shares of the business’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $11.79, for a total value of $165,295.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO David P. Bennett sold 6,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $11.89, for a total value of $74,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 88,394 shares in the company, valued at $1,051,004.66. The disclosure for this sale can be found here. 0.94% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in FLEX. Iridian Asset Management LLC CT acquired a new position in shares of Flextronics International during the second quarter valued at approximately $68,762,000. Passport Capital LLC boosted its position in Flextronics International by 1,778.6% in the second quarter. Passport Capital LLC now owns 6,003,303 shares of the company’s stock valued at $70,839,000 after buying an additional 5,683,735 shares during the period. Investec Asset Management LTD bought a new position in Flextronics International during the first quarter valued at $67,983,000. Norges Bank bought a new position in Flextronics International during the fourth quarter valued at $62,157,000. Finally, Janus Capital Management LLC boosted its position in Flextronics International by 38.2% in the second quarter. Janus Capital Management LLC now owns 12,357,978 shares of the company’s stock valued at $145,824,000 after buying an additional 3,415,540 shares during the period. 91.54% of the stock is currently owned by institutional investors and hedge funds.
About Flextronics International
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