Flex (NASDAQ:FLEX) Shares Gap Down to $28.65

Flex Ltd. (NASDAQ:FLEX - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $28.65, but opened at $26.96. Flex shares last traded at $26.55, with a volume of 1,579,756 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FLEX shares. StockNews.com started coverage on shares of Flex in a research report on Wednesday, March 6th. They set a "hold" rating on the stock. JPMorgan Chase & Co. raised their target price on shares of Flex from $32.00 to $34.00 and gave the company an "overweight" rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the company a "buy" rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $34.20.

Flex Stock Down 8.1 %

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 business's fifty day simple moving average is $28.50 and its two-hundred day simple moving average is $26.82. The company has a market cap of $11.09 billion, a PE ratio of 15.80, a PEG ratio of 1.82 and a beta of 1.19.

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

Insider Activity

In other news, EVP David Scott Offer sold 75,000 shares of Flex stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the sale, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Flex news, EVP David Scott Offer sold 75,000 shares of the business's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The disclosure for this sale can be found here. Insiders have sold a total of 141,943 shares of company stock worth $4,055,311 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Flex

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Seascape Capital Management increased its stake in Flex by 34.9% during the 1st quarter. Seascape Capital Management now owns 102,336 shares of the technology company's stock worth $2,928,000 after buying an additional 26,491 shares during the period. SYSTM Wealth Solutions LLC grew its position in Flex by 31.7% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 35,103 shares of the technology company's stock valued at $1,004,000 after buying an additional 8,457 shares during the last quarter. Raymond James & Associates grew its position in Flex by 17.9% in the 1st quarter. Raymond James & Associates now owns 699,557 shares of the technology company's stock valued at $20,014,000 after buying an additional 106,118 shares during the last quarter. Veracity Capital LLC grew its position in Flex by 36.5% in the 1st quarter. Veracity Capital LLC now owns 11,264 shares of the technology company's stock valued at $322,000 after buying an additional 3,011 shares during the last quarter. Finally, True Link Financial Advisors LLC purchased a new position in Flex in the 1st quarter valued at $369,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

About Flex

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.