Flex (NASDAQ:FLEX) Downgraded by Craig Hallum

Craig Hallum lowered shares of Flex (NASDAQ:FLEX - Free Report) from a buy rating to a hold rating in a research note released on Thursday morning, MarketBeat.com reports. The brokerage currently has $27.00 price target on the technology company's stock, down from their previous price target of $28.00.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group upped their price target on Flex from $29.00 to $37.00 and gave the company a buy rating in a research report on Monday, March 4th. StockNews.com initiated coverage on Flex in a research report on Wednesday, March 6th. They set a hold rating on the stock. Finally, JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $32.83.

Flex Price Performance

Shares of Flex stock traded up $1.08 during trading on Thursday, hitting $27.42. The stock had a trading volume of 10,495,233 shares, compared to its average volume of 4,980,498. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86. The firm has a market cap of $11.55 billion, a P/E ratio of 16.21, a PEG ratio of 1.79 and a beta of 1.18. The business has a fifty day moving average of $28.48 and a two-hundred day moving average of $26.82. Flex has a fifty-two week low of $19.85 and a fifty-two week high of $30.93.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The business had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.73 billion. On average, sell-side analysts expect that Flex will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Daniel Wendler sold 1,860 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the sale, the chief accounting officer now owns 28,730 shares in the company, valued at approximately $830,009.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Flex news, insider Kwang Hooi Tan sold 8,027 shares of the firm's stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total value of $231,257.87. Following the completion of the sale, the insider now owns 159,718 shares in the company, valued at approximately $4,601,475.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Daniel Wendler sold 1,860 shares of the firm's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total value of $53,735.40. Following the completion of the sale, the chief accounting officer now owns 28,730 shares of the company's stock, valued at approximately $830,009.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 141,943 shares of company stock valued at $4,055,311. Insiders own 0.56% of the company's stock.

Institutional Trading of Flex

A number of hedge funds have recently modified their holdings of the company. Stratos Wealth Advisors LLC boosted its stake in Flex by 3.1% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company's stock valued at $403,000 after buying an additional 452 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Flex by 3.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 13,657 shares of the technology company's stock valued at $368,000 after buying an additional 497 shares in the last quarter. Wahed Invest LLC boosted its stake in Flex by 8.1% in the 3rd quarter. Wahed Invest LLC now owns 7,077 shares of the technology company's stock valued at $191,000 after buying an additional 530 shares in the last quarter. Park Avenue Securities LLC raised its position in Flex by 1.5% in the 3rd quarter. Park Avenue Securities LLC now owns 40,768 shares of the technology company's stock valued at $1,100,000 after purchasing an additional 589 shares during the last quarter. Finally, Veracity Capital LLC raised its position in Flex by 7.8% in the 4th quarter. Veracity Capital LLC now owns 8,253 shares of the technology company's stock valued at $251,000 after purchasing an additional 599 shares during the last quarter. 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.