Flex (NASDAQ:FLEX) Cut to "Buy" at Wall Street Zen

Flex (NASDAQ:FLEX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Friday.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Bank of America raised their price target on shares of Flex from $48.00 to $50.00 and gave the company a "buy" rating in a report on Monday, June 9th. Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. KeyCorp restated an "overweight" rating on shares of Flex in a report on Tuesday, June 3rd. Finally, The Goldman Sachs Group cut their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $46.00.

Flex Trading Down 0.4%

Shares of FLEX traded down $0.20 during mid-day trading on Friday, hitting $49.89. The company had a trading volume of 31,066,101 shares, compared to its average volume of 3,996,448. The business's 50-day simple moving average is $41.18 and its 200-day simple moving average is $38.87. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Flex has a 1-year low of $25.11 and a 1-year high of $50.62. The stock has a market cap of $18.64 billion, a PE ratio of 23.53, a P/E/G ratio of 1.86 and a beta of 1.04.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same period last year, the company earned $0.57 earnings per share. The company's quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts forecast that Flex will post 2.33 earnings per share for the current year.

Insider Activity

In other news, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the sale, the chief executive officer now owns 1,463,695 shares in the company, valued at $62,807,152.45. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 32,173 shares of Flex stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $1,350,944.27. Following the sale, the insider now owns 270,483 shares in the company, valued at $11,357,581.17. This represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last 90 days. Company insiders own 0.82% of the company's stock.

Institutional Trading of Flex

Hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in shares of Flex during the first quarter worth approximately $25,000. Olde Wealth Management LLC acquired a new position in Flex in the first quarter worth $26,000. Cullen Frost Bankers Inc. acquired a new position in Flex in the first quarter worth $26,000. CX Institutional acquired a new position in Flex in the first quarter worth $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex in the fourth quarter worth $35,000. 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.