Flex (NASDAQ:FLEX) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

A number of other equities analysts also recently weighed in on the stock. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a report on Thursday, October 17th. Stifel Nicolaus raised their target price on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Barclays boosted their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. KeyCorp began coverage on Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective for the company. Finally, Craig Hallum boosted their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $42.67.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $41.06 on Wednesday. The stock has a market capitalization of $15.92 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 2.44 and a beta of 1.10. Flex has a 52 week low of $21.84 and a 52 week high of $44.45. The stock has a 50 day moving average price of $38.54 and a 200 day moving average price of $33.99. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43.

Insider Transactions at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of large investors have recently bought and sold shares of FLEX. Commonwealth Equity Services LLC lifted its holdings in shares of Flex by 52.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 29,802 shares of the technology company’s stock worth $879,000 after acquiring an additional 10,299 shares during the period. Natixis Advisors LLC increased its stake in shares of Flex by 50.5% in the 2nd quarter. Natixis Advisors LLC now owns 25,550 shares of the technology company’s stock valued at $753,000 after purchasing an additional 8,576 shares during the last quarter. Choreo LLC acquired a new position in shares of Flex during the 2nd quarter worth $400,000. LPL Financial LLC lifted its position in shares of Flex by 19.4% during the 2nd quarter. LPL Financial LLC now owns 1,204,940 shares of the technology company’s stock worth $35,534,000 after buying an additional 196,072 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Flex by 27.8% in the second quarter. American Century Companies Inc. now owns 331,989 shares of the technology company’s stock valued at $9,790,000 after acquiring an additional 72,169 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.