Parker Douglas Michael, the Chief Legal Officer of Celestica Inc . (NYSE:CLS), recently sold 2,723 common shares of the company, totaling $332,342. The shares were sold at a price of $122.05 per share. Following this transaction, Michael holds no remaining common shares. The sale comes as Celestica's stock trades near its 52-week high of $144.27, having delivered an impressive 289% return over the past year. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
In a separate transaction, Michael was granted 2,648 restricted share units (RSUs) on February 4, 2025. These RSUs will vest over a three-year period, providing Michael with the contingent right to receive either common shares or an equivalent value in cash. After this acquisition, Michael holds 2,648 shares in RSUs. InvestingPro data reveals that Celestica, now valued at $16.7 billion, has shown significant momentum with multiple analysts revising earnings upward for the upcoming period. Subscribers can access 17 additional ProTips and a comprehensive research report on Celestica through InvestingPro.
In other recent news, Celestica has seen a series of upgrades to its stock target by various analyst firms. RBC Capital Markets has raised its price target for Celestica three times, from $115 to $140 and most recently to $160, maintaining an Outperform rating throughout. The firm's confidence stems from Celestica's strong business trajectory, distinctive product offerings for hyperscaler clients, and potential for earnings to surpass consensus estimates.
Similarly, BMO Capital Markets has increased its price target for Celestica to $140, highlighting the company's growing capabilities in the artificial intelligence sector and potential for increased capital expenditures. BMO's analyst expressed confidence in Celestica's long-term prospects and recent successes in gaining market share.
In addition to these financial developments, Celestica has announced the upcoming resignation of Laurette T. Koellner from its Board of Directors, effective January 31, 2025. The company has confirmed that Ms. Koellner's departure is not related to any disagreements over operations, policies, or practices and has begun the process of finding a suitable replacement.
These are recent developments in Celestica's business operations and financial outlook, reflecting the analysts' confidence in the company's strong performance and growth potential.
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