Benchmark Electronics (NYSE:BHE) Price Target Cut to $47.00 by Analysts 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 price target decreased by research analysts at Needham & Company LLC from $48.00 to $47.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price points to a potential upside of 24.51% from the company's current price.

Several other brokerages also recently commented on BHE. Wall Street Zen downgraded Benchmark Electronics from a "buy" rating to a "hold" rating in a report on Saturday. Lake Street Capital lowered their price target on shares of Benchmark Electronics from $52.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, April 30th.

Benchmark Electronics Stock Down 2.0%

Shares of BHE opened at $37.75 on Friday. The company has a market capitalization of $1.36 billion, a P/E ratio of 35.95 and a beta of 0.99. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.36 and a quick ratio of 1.46. Benchmark Electronics has a one year low of $30.73 and a one year high of $52.57. The business's 50 day simple moving average is $38.58 and its 200-day simple moving average is $38.84.

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

Institutional Trading of Benchmark Electronics

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in Benchmark Electronics by 45.2% in the fourth quarter. JPMorgan Chase & Co. now owns 815,499 shares of the technology company's stock valued at $37,024,000 after buying an additional 253,730 shares during the period. Nuveen LLC acquired a new position in Benchmark Electronics in the first quarter valued at approximately $6,746,000. Kovitz Investment Group Partners LLC lifted its holdings in Benchmark Electronics by 520.4% in the first quarter. Kovitz Investment Group Partners LLC now owns 197,280 shares of the technology company's stock valued at $7,503,000 after buying an additional 165,482 shares during the period. Millennium Management LLC lifted its holdings in Benchmark Electronics by 90.4% in the fourth quarter. Millennium Management LLC now owns 336,466 shares of the technology company's stock valued at $15,276,000 after buying an additional 159,769 shares during the period. Finally, Peregrine Capital Management LLC acquired a new position in Benchmark Electronics in the first quarter valued at approximately $4,859,000. Institutional investors and hedge funds own 92.29% of the company's stock.

About Benchmark Electronics

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.

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