Flex (NASDAQ:FLEX) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group reduced their price objective on shares of Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Robert W. Baird set a $142.00 price target on Flex in a report on Thursday, July 30th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Barclays cut their target price on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $114.20.

Flex Trading Down 6.4%

NASDAQ FLEX opened at $108.32 on Friday. The business’s 50-day moving average price is $118.46 and its two-hundred day moving average price is $111.08. Flex has a 12 month low of $53.07 and a 12 month high of $166.86. The firm has a market capitalization of $40.01 billion, a PE ratio of 41.82, a price-to-earnings-growth ratio of 0.58 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The company had revenue of $7.93 billion during the quarter. On average, analysts expect that Flex will post 4.27 EPS for the current year.

Insiders Place Their Bets

In related news, COO Kwang Tan sold 8,981 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the transaction, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This trade represents a 3.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Hartung sold 2,755 shares of Flex stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the sale, the insider directly owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. The trade was a 1.12% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 338,026 shares of company stock worth $48,785,533 over the last three months. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FLEX. Norges Bank purchased a new stake in Flex in the fourth quarter worth $319,756,000. Rithm Capital Corp. bought a new position in shares of Flex during the 1st quarter worth $1,407,000. North Dakota State Investment Board purchased a new stake in Flex in the 4th quarter worth about $794,000. Entropy Technologies LP increased its holdings in Flex by 50.1% in the 4th quarter. Entropy Technologies LP now owns 87,883 shares of the technology company’s stock worth $5,310,000 after acquiring an additional 29,336 shares during the last quarter. Finally, Atlas Capital Advisors Inc. bought a new stake in Flex in the 4th quarter valued at about $2,239,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.