Flex (FLEX) Downgraded by ValuEngine

ValuEngine downgraded shares of Flex (NASDAQ:FLEX) from a sell rating to a strong sell rating in a research note released on Saturday.

A number of other analysts also recently issued reports on the stock. Needham & Company LLC downgraded shares of Flex from a buy rating to a hold rating in a report on Friday, October 26th. BidaskClub downgraded shares of Flex from a sell rating to a strong sell rating in a report on Friday, August 31st. Finally, Zacks Investment Research upgraded shares of Flex from a sell rating to a hold rating in a report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $18.50.

FLEX opened at $7.70 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24. Flex has a fifty-two week low of $6.74 and a fifty-two week high of $19.71. The stock has a market cap of $3.78 billion, a P/E ratio of 9.63, a PEG ratio of 0.35 and a beta of 0.87.



Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Flex had a net margin of 1.15% and a return on equity of 9.94%. The company had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion. Equities research analysts predict that Flex will post 1.02 EPS for the current fiscal year.

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

In related news, insider Francois Barbier sold 70,278 shares of the firm’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $14.03, for a total transaction of $986,000.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 70,678 shares of company stock valued at $991,332 in the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC increased its stake in shares of Flex by 30.9% in the second quarter. Janus Henderson Group PLC now owns 44,757,280 shares of the technology company’s stock worth $631,547,000 after purchasing an additional 10,577,317 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Flex by 6.2% in the second quarter. Victory Capital Management Inc. now owns 13,328,332 shares of the technology company’s stock worth $188,062,000 after purchasing an additional 774,875 shares in the last quarter. Sound Shore Management Inc. CT increased its stake in shares of Flex by 7.4% in the second quarter. Sound Shore Management Inc. CT now owns 10,696,781 shares of the technology company’s stock worth $150,932,000 after purchasing an additional 732,919 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Flex by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,660,335 shares of the technology company’s stock worth $93,971,000 after purchasing an additional 100,955 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC increased its stake in shares of Flex by 66.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,147,245 shares of the technology company’s stock worth $86,737,000 after purchasing an additional 2,444,209 shares in the last quarter. 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.

Featured Story: Earnings Reports

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Flex (NASDAQ:FLEX)

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply