Flextronics International Ltd. (FLEX) Receives Consensus Rating of “Buy” from Analysts

Flextronics International Ltd. (NASDAQ:FLEX) has been assigned a consensus recommendation of “Buy” from the thirteen research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $17.69.

A number of research firms have commented on FLEX. ValuEngine upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Royal Bank Of Canada restated a “buy” rating and issued a $21.00 price target on shares of Flextronics International in a research report on Friday, June 16th. BidaskClub lowered shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Needham & Company LLC upped their target price on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Finally, Zacks Investment Research lowered shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th.

Flextronics International (NASDAQ FLEX) traded down 0.15% on Friday, hitting $16.58. 2,294,280 shares of the company were exchanged. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 26.35 and a beta of 0.79. The stock has a 50 day moving average price of $16.10 and a 200 day moving average price of $16.41. Flextronics International has a one year low of $12.61 and a one year high of $17.76.

Flextronics International (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.91 billion. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.27 earnings per share. On average, equities research analysts forecast that Flextronics International will post $1.09 EPS for the current fiscal year.

Flextronics International declared that its Board of Directors has initiated a share buyback program on Friday, August 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 65% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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In related 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 value of $43,457.04. Following the transaction, the director now directly owns 114,394 shares in the company, valued at $1,822,296.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 completion of the transaction, the director now owns 206,895 shares in the company, valued at $3,316,526.85. The disclosure for this sale can be found here. Insiders have sold 789,794 shares of company stock worth $12,861,322 over the last quarter. 0.83% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank lifted its holdings in Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock valued at $100,000 after buying an additional 1,234 shares during the period. Captrust Financial Advisors acquired a new position in Flextronics International in the second quarter valued at approximately $171,000. Keybank National Association OH acquired a new position in Flextronics International in the first quarter valued at approximately $199,000. Cambridge Investment Research Advisors Inc. lifted its holdings in Flextronics International by 4.5% in the first 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 during the period. Finally, Airain ltd acquired a new position in Flextronics International in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 94.98% of the company’s stock.

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).

Analyst Recommendations for Flextronics International (NASDAQ:FLEX)

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