Flex (NASDAQ:FLEX) Downgraded by StockNews.com

Flex (NASDAQ:FLEX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Several other research analysts have also issued reports on the company. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $39.00 in a research note on Thursday. Barclays upped their target price on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday. Stifel Nicolaus lifted their price target on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.40.

Flex Stock Performance

FLEX traded down $0.82 during trading on Thursday, reaching $30.94. 6,341,626 shares of the company’s stock were exchanged, compared to its average volume of 4,562,263. The company has a market capitalization of $12.34 billion, a P/E ratio of 13.45, a PEG ratio of 1.99 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average price of $31.08 and a 200 day moving average price of $28.54. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. As a group, analysts predict that Flex will post 2.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $418,261.35. Following the sale, the insider now directly owns 163,656 shares of the company’s stock, valued at $4,688,744.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Flex news, CFO Paul Lundstrom sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $32.46, for a total value of $6,492,000.00. Following the transaction, the chief financial officer now directly owns 294,027 shares of the company’s stock, valued at $9,544,116.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kwang Hooi Tan sold 14,599 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the completion of the transaction, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 804,542 shares of company stock valued at $25,147,972. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its holdings in Flex by 5.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after buying an additional 471 shares during the period. Veracity Capital LLC lifted its stake in Flex by 7.8% in the fourth quarter. Veracity Capital LLC now owns 8,253 shares of the technology company’s stock valued at $251,000 after acquiring an additional 599 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of Flex by 8.4% in the 4th quarter. Global Retirement Partners LLC now owns 8,746 shares of the technology company’s stock valued at $266,000 after acquiring an additional 679 shares during the period. Resonant Capital Advisors LLC increased its stake in shares of Flex by 8.6% during the 1st quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock worth $247,000 after purchasing an additional 683 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after purchasing an additional 773 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.