Flex (NASDAQ:FLEX) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Flex from “buy” to “hold,” though broader analyst sentiment remains “Moderate Buy,” with an average price target of $114.20.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share; analysts expect full-year earnings of $4.27 per share.
• Insiders sold 426,938 shares worth approximately $61.9 million in the last quarter, while institutional investors own 94.3% of Flex’s outstanding stock.

Flex (NASDAQ:FLEX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other analysts also recently issued reports on FLEX. Freedom Capital raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Zacks Research cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Raymond James Financial set a $170.00 target price on shares of Flex and gave the company an "outperform" rating in a research note on Wednesday, July 29th. The Goldman Sachs Group lowered their price target on shares of Flex from $177.00 to $154.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Barclays dropped their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $114.20.

Flex Stock Up 7.2%

Shares of NASDAQ FLEX opened at $115.78 on Friday. The stock has a fifty day moving average price of $119.07 and a 200 day moving average price of $110.45. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex has a 12-month low of $53.07 and a 12-month high of $166.86. The company has a market cap of $42.77 billion, a P/E ratio of 44.70, a P/E/G ratio of 0.55 and a beta of 1.67.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The company had revenue of $7.93 billion for the quarter. Research analysts anticipate that Flex will post 4.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 22,627 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider directly owned 253,199 shares in the company, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the sale, the chief executive officer directly owned 623,466 shares of the company's stock, valued at $89,978,613.12. The trade was a 24.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 426,938 shares of company stock valued at $61,941,083. Company insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Flex

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its position in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after purchasing an additional 166 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in Flex in the fourth quarter valued at about $28,000. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd raised its stake in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company's stock valued at $43,000 after buying an additional 695 shares in the last quarter. Finally, Transamerica Financial Advisors LLC lifted its holdings in Flex by 168.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 841 shares of the technology company's stock worth $51,000 after buying an additional 528 shares during the last quarter. Institutional investors own 94.30% of the company's stock.

Flex Company Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.

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