Goldman Sachs Group Downgrades Flex (FLEX) to Neutral

Goldman Sachs Group downgraded shares of Flex (NASDAQ:FLEX) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat reports.

Several other research firms have also recently weighed in on FLEX. Zacks Investment Research cut Flex from a hold rating to a strong sell rating in a research note on Wednesday, July 11th. BidaskClub upgraded Flex from a strong sell rating to a sell rating in a research note on Thursday, August 23rd. ValuEngine cut Flex from a hold rating to a sell rating in a research note on Saturday, October 6th. Finally, Needham & Company LLC cut Flex from a buy rating to a hold rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $18.50.

FLEX stock opened at $6.94 on Friday. The company has a market cap of $3.78 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 0.35 and a beta of 0.87. Flex has a fifty-two week low of $6.74 and a fifty-two week high of $19.71. 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 (NASDAQ:FLEX) last posted its earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $6.71 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Flex had a return on equity of 9.94% and a net margin of 1.15%. As a group, sell-side analysts anticipate that Flex will post 1.02 earnings per share for the current fiscal year.

Flex declared that its board has approved a stock repurchase program on Tuesday, August 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 6.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

In other Flex news, insider Francois Barbier sold 70,278 shares of Flex stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $14.03, for a total transaction of $986,000.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 70,678 shares of company stock worth $991,332. 0.88% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FLEX. Janus Henderson Group PLC increased its position in Flex by 30.9% during the second quarter. Janus Henderson Group PLC now owns 44,757,280 shares of the technology company’s stock worth $631,547,000 after buying an additional 10,577,317 shares during the period. Thompson Siegel & Walmsley LLC increased its position in Flex by 66.0% during the second quarter. Thompson Siegel & Walmsley LLC now owns 6,147,245 shares of the technology company’s stock worth $86,737,000 after buying an additional 2,444,209 shares during the period. Canada Pension Plan Investment Board increased its position in Flex by 2,570.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock worth $21,064,000 after buying an additional 1,436,925 shares during the period. Factory Mutual Insurance Co. increased its position in Flex by 162.6% during the second quarter. Factory Mutual Insurance Co. now owns 2,131,800 shares of the technology company’s stock worth $30,080,000 after buying an additional 1,320,000 shares during the period. Finally, Millennium Management LLC acquired a new position in Flex during the first quarter worth approximately $20,044,000. 91.90% of the stock is currently owned by institutional investors.

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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