Flex (NASDAQ:FLEX) Stock Rating Lowered by StockNews.com

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

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

Flex Stock Performance

Shares of NASDAQ FLEX opened at $35.11 on Thursday. The company has a market cap of $13.94 billion, a P/E ratio of 15.74, a P/E/G ratio of 2.00 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. Flex has a 12 month low of $21.84 and a 12 month high of $35.20. The business’s 50 day moving average is $31.49 and its two-hundred day moving average is $30.55.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The business had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. On average, equities analysts expect that Flex will post 2.06 EPS for the current year.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the sale, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,028 shares of company stock valued at $904,530. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Boston Partners increased its holdings in Flex by 113.8% in the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Flex by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock valued at $235,289,000 after purchasing an additional 127,688 shares during the last quarter. Vanguard Group Inc. increased its holdings in Flex by 2.4% in the first quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock valued at $170,833,000 after purchasing an additional 141,580 shares during the last quarter. Merewether Investment Management LP bought a new stake in shares of Flex in the second quarter worth about $72,808,000. Finally, Brandes Investment Partners LP increased its holdings in shares of Flex by 8.3% in the second quarter. Brandes Investment Partners LP now owns 2,055,170 shares of the technology company’s stock worth $60,592,000 after acquiring an additional 157,516 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

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.