Royal Bank of Canada Forecasts Strong Price Appreciation for Celestica (NYSE:CLS) Stock

Celestica (NYSE:CLS - Free Report) TSE: CLS had its price target boosted by Royal Bank of Canada from $75.00 to $115.00 in a research report released on Wednesday morning, Marketbeat Ratings reports. Royal Bank of Canada currently has an outperform rating on the technology company's stock.

Several other analysts have also recently weighed in on CLS. Barclays assumed coverage on Celestica in a report on Tuesday, November 5th. They set an "overweight" rating and a $91.00 price target for the company. TD Cowen lifted their target price on Celestica from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. TD Securities upped their price target on shares of Celestica from $68.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, October 24th. BMO Capital Markets raised their price target on shares of Celestica from $64.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group boosted their price objective on shares of Celestica from $77.00 to $110.00 and gave the company a "buy" rating in a report on Friday, December 20th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Celestica presently has an average rating of "Moderate Buy" and an average price target of $81.45.

Celestica Stock Performance

CLS traded up $4.35 during trading hours on Wednesday, reaching $102.62. The company's stock had a trading volume of 2,645,926 shares, compared to its average volume of 1,842,897. The company's 50-day moving average is $88.45 and its 200-day moving average is $65.93. Celestica has a 52 week low of $26.62 and a 52 week high of $103.46. The firm has a market cap of $11.94 billion, a PE ratio of 32.58 and a beta of 2.25. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last announced its earnings results on Wednesday, October 23rd. The technology company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. Celestica had a net margin of 4.08% and a return on equity of 21.58%. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter in the previous year, the firm posted $0.65 EPS. Celestica's revenue was up 24.8% compared to the same quarter last year. On average, equities analysts forecast that Celestica will post 3.44 EPS for the current year.

Insiders Place Their Bets

In other Celestica news, Director Michael Wilson sold 25,000 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $98.73, for a total transaction of $2,468,250.00. Following the completion of the transaction, the director now owns 1,784 shares of the company's stock, valued at approximately $176,134.32. The trade was a 93.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Celestica

Several hedge funds and other institutional investors have recently made changes to their positions in CLS. Optimum Investment Advisors grew its stake in shares of Celestica by 66.7% during the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company's stock worth $26,000 after buying an additional 200 shares during the last quarter. Truist Financial Corp increased its holdings in Celestica by 2.0% in the 2nd quarter. Truist Financial Corp now owns 11,008 shares of the technology company's stock worth $631,000 after purchasing an additional 214 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Celestica by 26.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,307 shares of the technology company's stock valued at $67,000 after purchasing an additional 275 shares during the last quarter. Pier Capital LLC boosted its stake in shares of Celestica by 0.4% during the third quarter. Pier Capital LLC now owns 93,055 shares of the technology company's stock valued at $4,757,000 after purchasing an additional 335 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of Celestica by 4.7% during the second quarter. Creative Planning now owns 7,526 shares of the technology company's stock worth $431,000 after purchasing an additional 336 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

Celestica Company Profile

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.