Flextronics International Ltd. (FLEX) Expected to Post Quarterly Sales of $5.90 Billion
Equities analysts expect that Flextronics International Ltd. (NASDAQ:FLEX) will announce $5.90 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Flextronics International’s earnings. The lowest sales estimate is $5.85 billion and the highest is $5.94 billion. Flextronics International reported sales of $5.88 billion during the same quarter last year, which would suggest a positive year over year growth rate of 0.3%. The company is expected to announce its next earnings report after the market closes on Thursday, July 27th.
According to Zacks, analysts expect that Flextronics International will report full-year sales of $5.90 billion for the current financial year, with estimates ranging from $24.49 billion to $24.94 billion. For the next financial year, analysts forecast that the firm will post sales of $25.70 billion per share, with estimates ranging from $25.41 billion to $26.21 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Flextronics International.
Flextronics International (NASDAQ:FLEX) last announced its earnings results on Thursday, April 27th. The technology company reported $0.29 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.29. The firm had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.68 billion. Flextronics International had a return on equity of 21.19% and a net margin of 1.34%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS.
A number of research firms have recently issued reports on FLEX. ValuEngine upgraded Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and issued a $16.00 price target (up from $15.00) on shares of Flextronics International in a research report on Saturday, April 29th. Royal Bank Of Canada restated a “buy” rating and issued a $22.00 price target on shares of Flextronics International in a research report on Tuesday, March 28th. BidaskClub lowered Flextronics International from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Zacks Investment Research upgraded Flextronics International from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Tuesday, March 28th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $17.13.
Shares of Flextronics International (NASDAQ:FLEX) traded down 0.3096% during trading on Thursday, hitting $16.1299. The stock had a trading volume of 1,945,364 shares. The firm’s 50-day moving average is $16.84 and its 200 day moving average is $16.00. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 27.3388 and a beta of 0.80. Flextronics International has a 52-week low of $11.51 and a 52-week high of $17.76.
In related news, CAO David P. Bennett sold 25,000 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $16.20, for a total value of $405,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 68,987 shares in the company, valued at $1,117,589.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David P. Bennett sold 5,656 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total value of $93,946.16. Following the completion of the transaction, the chief accounting officer now owns 62,974 shares of the company’s stock, valued at $1,045,998.14. The disclosure for this sale can be found here. Insiders sold 960,741 shares of company stock valued at $15,728,470 over the last quarter. 0.94% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Achmea Investment Management B.V. acquired a new position in shares of Flextronics International during the first quarter valued at $2,513,000. Point72 Asset Management L.P. raised its position in shares of Flextronics International by 12.6% in the first quarter. Point72 Asset Management L.P. now owns 726,500 shares of the technology company’s stock valued at $12,205,000 after buying an additional 81,100 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of Flextronics International during the first quarter valued at $214,000. Janus Capital Management LLC raised its position in shares of Flextronics International by 1.3% in the first quarter. Janus Capital Management LLC now owns 28,581,585 shares of the technology company’s stock valued at $480,167,000 after buying an additional 359,493 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Flextronics International during the first quarter valued at $863,000. Institutional investors own 91.16% 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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