Flex (NASDAQ:FLEX) Lowered to Hold at StockNews.com

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

Several other equities research analysts have also issued reports on the stock. Barclays lifted their price target on shares of Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. upped their price target on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and upped their price objective for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Finally, Stifel Nicolaus upped their price objective on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.40.

Flex Stock Up 3.2 %

Flex stock opened at $35.11 on Thursday. The firm has a fifty day moving average price of $31.49 and a two-hundred day moving average price of $30.54. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $35.20. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The firm has a market cap of $13.94 billion, a price-to-earnings ratio of 15.74, a P/E/G ratio of 2.00 and a beta of 1.09.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. As a group, analysts forecast that Flex will post 2.06 earnings per share for the current year.

Insider Activity

In related news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the sale, the insider now owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at $5,377,327.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock valued at $904,530 in the last quarter. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flex

Several hedge funds have recently bought and sold shares of FLEX. Boston Partners boosted its stake in shares of Flex by 113.8% in the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after buying an additional 10,201,162 shares in the last quarter. Merewether Investment Management LP purchased a new stake in shares of Flex in the second quarter worth about $72,808,000. Westfield Capital Management Co. LP acquired a new position in shares of Flex in the first quarter worth about $51,543,000. Point72 Asset Management L.P. raised its stake in Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after buying an additional 792,700 shares in the last quarter. Finally, TCW Group Inc. raised its position in shares of Flex by 48.1% during the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock worth $50,479,000 after purchasing an additional 556,286 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.