Flex (NASDAQ:FLEX) Cut to Hold at StockNews.com

StockNews.com cut shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research report released on Saturday.

FLEX has been the topic of a number of other research reports. Craig Hallum increased their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Barclays raised their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus increased their price objective 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. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research note on Thursday, October 17th. Finally, KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $43.67.

Flex Stock Performance

Flex stock opened at $40.50 on Friday. Flex has a 1-year low of $24.05 and a 1-year high of $45.10. The company’s 50-day moving average is $39.96 and its 200 day moving average is $35.48. The firm has a market capitalization of $15.71 billion, a P/E ratio of 16.33, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.83% and a net margin of 3.95%. Research analysts forecast that Flex will post 2.33 EPS for the current year.

Insider Transactions at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new position in shares of Flex in the third quarter valued at about $29,000. Huntington National Bank increased its holdings in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares during the period. R Squared Ltd purchased a new position in Flex during the 4th quarter worth approximately $35,000. Kathleen S. Wright Associates Inc. acquired a new stake in Flex during the 3rd quarter valued at approximately $39,000. Finally, Quarry LP acquired a new stake in shares of Flex in the second quarter worth $43,000. 94.30% of the stock is 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.