Benchmark Electronics (NYSE:BHE) Given New $47.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced the price target for Benchmark Electronics from $48.00 to $47.00 while maintaining a "buy" rating, indicating a potential upside of 24.51% from the current stock price.
• Benchmark Electronics shares experienced a 2.0% decline at opening, with current metrics showing a market capitalization of $1.36 billion and a P/E ratio of 35.95.
• Recent ratings changes by other brokerages include a downgrade to a "hold" rating from Wall Street Zen and a price target adjustment by Lake Street Capital from $52.00 to $46.00.

Benchmark Electronics (NYSE:BHE - Get Free Report) had its target price cut by equities researchers at Needham & Company LLC from $48.00 to $47.00 in a report issued on Friday, August 1st,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price points to a potential upside of 22.18% from the company's previous close.

A number of other equities research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Benchmark Electronics from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Lake Street Capital cut their price objective on shares of Benchmark Electronics from $52.00 to $46.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th.

Benchmark Electronics Price Performance

Shares of NYSE BHE traded up $0.15 during mid-day trading on Friday, reaching $38.47. 301,634 shares of the company were exchanged, compared to its average volume of 328,025. Benchmark Electronics has a 52 week low of $30.73 and a 52 week high of $52.57. The stock has a market capitalization of $1.38 billion, a PE ratio of 36.64 and a beta of 0.99. The company's 50 day moving average price is $38.77 and its 200 day moving average price is $38.71. The company has a quick ratio of 1.46, a current ratio of 2.36 and a debt-to-equity ratio of 0.18.

Benchmark Electronics (NYSE:BHE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.01. Benchmark Electronics had a net margin of 1.48% and a return on equity of 6.08%. The business had revenue of $642.34 million for the quarter, compared to the consensus estimate of $638.67 million. During the same period in the previous year, the firm earned $0.57 EPS. The company's quarterly revenue was down 3.6% compared to the same quarter last year.

Hedge Funds Weigh In On Benchmark Electronics

Several institutional investors have recently made changes to their positions in the business. New Age Alpha Advisors LLC bought a new position in shares of Benchmark Electronics in the first quarter worth about $56,000. Versant Capital Management Inc lifted its holdings in Benchmark Electronics by 197.5% during the first quarter. Versant Capital Management Inc now owns 2,475 shares of the technology company's stock valued at $94,000 after purchasing an additional 1,643 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Benchmark Electronics by 58.3% during the 2nd quarter. GAMMA Investing LLC now owns 3,609 shares of the technology company's stock valued at $140,000 after buying an additional 1,329 shares in the last quarter. State of Wyoming boosted its holdings in Benchmark Electronics by 213.4% in the 4th quarter. State of Wyoming now owns 3,563 shares of the technology company's stock worth $162,000 after buying an additional 2,426 shares during the period. Finally, Caxton Associates LLP bought a new stake in Benchmark Electronics during the first quarter valued at about $202,000. Institutional investors own 92.29% of the company's stock.

Benchmark Electronics Company Profile

Benchmark Electronics, Inc, together with its subsidiaries, offers product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company provides engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services.