Flex (NASDAQ:FLEX) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Flex (NASDAQ:FLEX - Free Report) from a buy rating to a hold rating in a research note released on Monday.

Other equities analysts have also issued reports about the stock. Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. The Goldman Sachs Group lowered their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. reduced their price target on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Stifel Nicolaus began coverage on Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target for the company. Finally, KeyCorp increased their price objective on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $45.33.

Flex Stock Up 0.2%

Shares of FLEX stock traded up $0.07 during midday trading on Monday, reaching $42.02. 2,712,271 shares of the stock were exchanged, compared to its average volume of 3,940,099. Flex has a 1 year low of $25.11 and a 1 year high of $45.10. The firm has a market cap of $16.10 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company's 50 day moving average is $34.12 and its two-hundred day moving average is $37.65. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the prior year, the company earned $0.57 earnings per share. The firm's quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that Flex will post 2.33 EPS for the current year.

Insider Activity

In related news, CEO Revathi Advaithi sold 120,280 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,255 shares of company stock valued at $19,002,628 over the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently made changes to their positions in FLEX. United Services Automobile Association bought a new position in Flex in the fourth quarter worth approximately $982,000. Brandywine Global Investment Management LLC lifted its position in Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after purchasing an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC bought a new stake in Flex during the fourth quarter valued at about $7,864,000. Raymond James Financial Inc. purchased a new stake in Flex in the fourth quarter worth about $32,293,000. Finally, American Century Companies Inc. lifted its position in shares of Flex by 19.7% during the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock valued at $26,637,000 after buying an additional 114,350 shares in the last quarter. Hedge funds and other institutional investors 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.