StockNews.com Lowers Flex (NASDAQ:FLEX) to Hold

StockNews.com lowered shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research report sent to investors on Thursday.

Other equities research analysts also recently issued research reports about the company. Craig Hallum upgraded Flex from a hold rating to a buy rating and increased their price objective for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. Stifel Nicolaus boosted their target price on shares of Flex from $32.00 to $37.00 and gave the company a buy rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $34.00 to $40.00 and gave the company an overweight rating in a research note on Tuesday, July 23rd. Finally, Barclays boosted their target price on shares of Flex from $34.00 to $39.00 and gave the company an overweight rating in a research note on Thursday, July 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Flex has a consensus rating of Moderate Buy and an average price target of $38.40.

Flex Stock Performance

FLEX opened at $35.11 on Thursday. Flex has a 1-year low of $21.84 and a 1-year high of $35.20. The business has a 50 day moving average price of $31.49 and a two-hundred day moving average price of $30.55. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 2.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The company had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $5.89 billion. Research analysts predict that Flex will post 2.06 EPS for the current fiscal year.

Insider Activity

In other news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the sale, the executive vice president now directly owns 168,094 shares in the company, valued at $5,377,327.06. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the sale, the insider now directly owns 175,468 shares in the company, valued at $5,576,373.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the sale, the executive vice president now owns 168,094 shares of the company’s stock, valued at approximately $5,377,327.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,028 shares of company stock worth $904,530 in the last three months. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLEX. Blue Door Asset Management LLC lifted its holdings in Flex by 5.2% in the 4th quarter. Blue Door Asset Management LLC now owns 806,150 shares of the technology company’s stock worth $24,555,000 after purchasing an additional 40,000 shares during the last quarter. Bayberry Capital Partners LP lifted its holdings in Flex by 13.0% in the 4th quarter. Bayberry Capital Partners LP now owns 565,000 shares of the technology company’s stock worth $17,210,000 after purchasing an additional 65,000 shares during the last quarter. Royal London Asset Management Ltd. lifted its holdings in Flex by 16.6% in the 4th quarter. Royal London Asset Management Ltd. now owns 224,114 shares of the technology company’s stock worth $6,827,000 after purchasing an additional 31,840 shares during the last quarter. Richardson Financial Services Inc. acquired a new stake in Flex in the 4th quarter worth approximately $34,000. Finally, Vanguard Group Inc. lifted its holdings in Flex by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 5,829,503 shares of the technology company’s stock worth $177,567,000 after purchasing an additional 248,233 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.