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

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

Several other research firms also recently weighed in on FLEX. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. KeyCorp increased their target price on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. The Goldman Sachs Group decreased their target price on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, Barclays upped their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.33.

Flex Trading Up 0.5%

Shares of FLEX opened at $42.06 on Monday. Flex has a one year low of $25.11 and a one year high of $45.10. The stock has a 50-day moving average price of $33.94 and a 200 day moving average price of $37.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $16.11 billion, a P/E ratio of 16.96, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 EPS. Sell-side analysts forecast that Flex will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 87,093 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Wendler sold 4,502 shares of Flex stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the sale, the chief accounting officer now owns 38,676 shares in the company, valued at approximately $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 475,255 shares of company stock valued at $19,002,628. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FLEX. Evergreen Capital Management LLC grew its holdings in Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after buying an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after acquiring an additional 266 shares during the period. Dynasty Wealth Management LLC grew its stake in shares of Flex by 0.7% in the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after purchasing an additional 276 shares in the last quarter. WealthTrust Axiom LLC increased its holdings in shares of Flex by 1.8% during the first quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock valued at $566,000 after purchasing an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in Flex by 30.8% in the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock worth $43,000 after purchasing an additional 306 shares during the period. Institutional investors own 94.30% of the company’s stock.

About Flex

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.