Why Did Canaccord Genuity Downgrade Flir Systems’ Stock?

Flir Systems (FLIR) received a Hold rating and a $54.00 price target from Canaccord Genuity analyst Kenneth Herbert yesterday. The company’s shares closed last Monday at $52.24.

According to TipRanks.com, Herbert is a top 100 analyst with an average return of 25.3% and a 73.8% success rate. Herbert covers the Technology sector, focusing on stocks such as Aerojet Rocketdyne Holdings, Spirit AeroSystems, and Maxar Technologies.

Flir Systems has an analyst consensus of Moderate Buy, with a price target consensus of $52.00, which is a -2.0% downside from current levels. In a report released today, Raymond James also downgraded the stock to Hold.

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The company has a one-year high of $59.44 and a one-year low of $23.85. Currently, Flir Systems has an average volume of 1.76M.

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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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