Flex (NASDAQ:FLEX) Stock Price Down 5.4%

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Flex Ltd (NASDAQ:FLEX)’s share price traded down 5.4% during trading on Friday . The stock traded as low as $9.67 and last traded at $9.71, 4,047,584 shares changed hands during trading. A decline of 36% from the average session volume of 6,342,141 shares. The stock had previously closed at $10.26.

Several equities analysts recently commented on the company. Goldman Sachs Group upgraded Flex from a “neutral” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Thursday, June 6th. BidaskClub upgraded Flex from a “sell” rating to a “hold” rating in a research report on Monday, June 24th. JPMorgan Chase & Co. raised Flex from a “neutral” rating to an “overweight” rating and set a $12.00 price target for the company in a report on Wednesday, May 29th. ValuEngine raised Flex from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research raised Flex from a “strong sell” rating to a “hold” rating and set a $9.50 price target for the company in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Flex presently has an average rating of “Hold” and an average target price of $10.38.

The stock has a fifty day moving average of $10.21 and a two-hundred day moving average of $10.18. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 53.94, a PEG ratio of 1.30 and a beta of 1.80. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 25th. The technology company reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.11). Flex had a net margin of 0.09% and a return on equity of 0.73%. The business had revenue of $6.18 billion for the quarter, compared to analyst estimates of $6.25 billion. During the same period in the prior year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. Equities analysts expect that Flex Ltd will post 0.49 earnings per share for the current year.

In other news, President Douglas Britt sold 10,313 shares of Flex stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $9.61, for a total value of $99,107.93. Following the completion of the sale, the president now directly owns 681,494 shares of the company’s stock, valued at approximately $6,549,157.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Humphries sold 9,342 shares of Flex stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $9.56, for a total value of $89,309.52. The disclosure for this sale can be found here. Insiders have sold a total of 157,902 shares of company stock valued at $1,487,783 over the last ninety days. Insiders own 0.42% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its stake in shares of Flex by 0.3% in the 1st quarter. Primecap Management Co. CA now owns 77,418,159 shares of the technology company’s stock valued at $774,182,000 after buying an additional 221,900 shares during the period. Victory Capital Management Inc. increased its stake in shares of Flex by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 21,925,054 shares of the technology company’s stock valued at $209,822,000 after buying an additional 1,441,216 shares during the period. FMR LLC increased its stake in shares of Flex by 71.7% in the 1st quarter. FMR LLC now owns 17,803,429 shares of the technology company’s stock valued at $178,034,000 after buying an additional 7,437,416 shares during the period. Lyrical Asset Management LP increased its stake in shares of Flex by 1.4% in the 2nd quarter. Lyrical Asset Management LP now owns 17,753,976 shares of the technology company’s stock valued at $169,906,000 after buying an additional 240,106 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its stake in shares of Flex by 7.6% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 17,331,085 shares of the technology company’s stock valued at $165,859,000 after buying an additional 1,223,008 shares during the period. 95.03% of the stock is owned by institutional investors.

About Flex (NASDAQ:FLEX)

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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