$6.13 Billion in Sales Expected for Flex Ltd (NASDAQ:FLEX) This Quarter

Equities analysts expect that Flex Ltd (NASDAQ:FLEX) will report sales of $6.13 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Flex’s earnings, with the highest sales estimate coming in at $6.16 billion and the lowest estimate coming in at $6.08 billion. Flex posted sales of $6.94 billion during the same quarter last year, which suggests a negative year over year growth rate of 11.7%. The business is scheduled to announce its next quarterly earnings report on Wednesday, January 29th.

On average, analysts expect that Flex will report full year sales of $24.38 billion for the current fiscal year, with estimates ranging from $24.34 billion to $24.45 billion. For the next financial year, analysts expect that the firm will post sales of $25.30 billion, with estimates ranging from $25.11 billion to $25.40 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow Flex.

Flex (NASDAQ:FLEX) last issued its earnings results on Thursday, October 24th. The technology company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.39. The firm had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $6.29 billion. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The business’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share.

A number of research firms recently commented on FLEX. Zacks Investment Research upgraded shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price objective for the company in a research report on Wednesday, September 25th. BidaskClub upgraded Flex from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, ValuEngine lowered Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $10.58.

Shares of FLEX stock opened at $11.65 on Friday. Flex has a 12-month low of $7.16 and a 12-month high of $12.54. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 64.72, a price-to-earnings-growth ratio of 2.21 and a beta of 1.84. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 1.24. The firm has a fifty day moving average of $11.47 and a 200-day moving average of $10.33.

In related news, CFO Christopher Collier sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $11.72, for a total value of $410,200.00. Following the completion of the transaction, the chief financial officer now directly owns 1,214,143 shares in the company, valued at approximately $14,229,755.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sachem Head Capital Management LP bought a new position in shares of Flex during the 3rd quarter worth approximately $114,069,000. Iridian Asset Management LLC CT increased its holdings in Flex by 46.7% during the second quarter. Iridian Asset Management LLC CT now owns 16,315,248 shares of the technology company’s stock worth $156,137,000 after buying an additional 5,190,929 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Flex by 157.9% during the second quarter. Renaissance Technologies LLC now owns 4,708,854 shares of the technology company’s stock worth $45,064,000 after buying an additional 2,883,300 shares during the last quarter. Morgan Stanley raised its position in Flex by 409.8% in the second quarter. Morgan Stanley now owns 3,470,203 shares of the technology company’s stock worth $33,211,000 after acquiring an additional 2,789,455 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Flex by 402.8% in the second quarter. JPMorgan Chase & Co. now owns 3,353,562 shares of the technology company’s stock worth $31,659,000 after acquiring an additional 2,686,617 shares during the period. 93.71% of the stock is currently owned by institutional investors and hedge funds.

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.

Recommended Story: What does a bar chart mean for investors?

Get a free copy of the Zacks research report on Flex (FLEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.