Flex (FLEX) Cut to “Hold” at Needham & Company LLC

Needham & Company LLC lowered shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports.

A number of other brokerages have also recently issued reports on FLEX. Zacks Investment Research cut Flex from a hold rating to a strong sell rating in a report on Wednesday, July 11th. BidaskClub upgraded Flex from a strong sell rating to a sell rating in a report on Thursday, August 23rd. Finally, ValuEngine cut Flex from a hold rating to a sell rating in a report on Saturday, October 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Flex has a consensus rating of Hold and a consensus price target of $19.69.

Shares of NASDAQ:FLEX opened at $7.09 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.24 and a quick ratio of 0.73. Flex has a 1 year low of $7.04 and a 1 year high of $19.71. The stock has a market cap of $3.78 billion, a PE ratio of 8.86, a PEG ratio of 0.35 and a beta of 0.87.



Flex (NASDAQ:FLEX) last issued its earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. Flex had a return on equity of 9.94% and a net margin of 1.15%. The business had revenue of $6.71 billion during the quarter, compared to analysts’ expectations of $6.81 billion. As a group, sell-side analysts forecast that Flex will post 1.02 EPS for the current year.

Flex declared that its board has authorized a share buyback program on Tuesday, August 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 6.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In other Flex news, insider Francois Barbier sold 70,278 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $14.03, for a total value of $986,000.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 70,678 shares of company stock valued at $991,332. 0.88% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its holdings in Flex by 30.9% in the 2nd quarter. Janus Henderson Group PLC now owns 44,757,280 shares of the technology company’s stock worth $631,547,000 after acquiring an additional 10,577,317 shares during the period. Victory Capital Management Inc. boosted its holdings in Flex by 6.2% in the 2nd quarter. Victory Capital Management Inc. now owns 13,328,332 shares of the technology company’s stock worth $188,062,000 after acquiring an additional 774,875 shares during the period. Sound Shore Management Inc. CT boosted its holdings in Flex by 7.4% in the 2nd quarter. Sound Shore Management Inc. CT now owns 10,696,781 shares of the technology company’s stock worth $150,932,000 after acquiring an additional 732,919 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Flex by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,660,335 shares of the technology company’s stock worth $93,971,000 after acquiring an additional 100,955 shares during the period. Finally, Thompson Siegel & Walmsley LLC boosted its holdings in Flex by 66.0% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,147,245 shares of the technology company’s stock worth $86,737,000 after acquiring an additional 2,444,209 shares during the period. Hedge funds and other institutional investors own 91.90% of the company’s stock.

Flex Company Profile

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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Analyst Recommendations for Flex (NASDAQ:FLEX)

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