Why Did Needham Downgrade Flir Systems’ Stock?

In a report released today, James Ricchiuti from Needham downgraded Flir Systems (FLIRResearch Report) to Hold. The company’s shares closed last Monday at $52.24.

According to TipRanks.com, Ricchiuti is a top 100 analyst with an average return of 21.4% and a 68.2% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as Teledyne Technologies, Benchmark Electronics, and Faro Technologies.

Flir Systems has an analyst consensus of Hold, with a price target consensus of $54.00, representing a 1.8% upside. In a report released today, Raymond James also downgraded the stock to Hold.

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Based on Flir Systems’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $466 million and net profit of $60.66 million. In comparison, last year the company earned revenue of $471 million and had a net profit of $62.05 million.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FLIR in relation to earlier this year.

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FLIR Systems, Inc. develops technologies, which enhance perception and awareness. It design, develop, market, and distribute solutions that detect people, objects and substances that may not be perceived by human senses and improve the way people interact with the world around them. The company operates through the following segments: Industrial business unit, Government & Defense business unit, and Commercial business unit. The Industrial business unit segment develops and manufactures thermal and visible-spectrum imaging camera cores and components that are utilized by third parties to create thermal, industrial, and other types of imaging systems. The Government & Defense business unit segment develops and manufactures enhanced imaging and recognition solutions for a wide variety of military, law enforcement, public safety, and other government customers around the world for the protection of borders, troops, and public welfare. The Commercial business unit segment develops and manufactures cameras, video recording systems, and video management systems for use in commercial and critical infrastructure, electronics and imaging instruments for the recreational and commercial maritime market, intelligent traffic monitoring and signal control systems, and hand-held and weapon-mounted thermal imaging systems for use in a variety of applications. FLIR Systems was founded in 1978 and is headquartered in Wilsonville, OR.