StockNews.com Downgrades Flex (NASDAQ:FLEX) to Hold

Flex (NASDAQ:FLEX) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other research analysts have also commented on FLEX. KeyCorp began coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. Craig Hallum upped their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus raised their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Barclays boosted their price objective on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $42.67.

Flex Stock Performance

Flex stock opened at $41.06 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex has a 12 month low of $21.84 and a 12 month high of $44.45. The company has a fifty day moving average price of $38.65 and a two-hundred day moving average price of $34.04. The company has a market cap of $15.92 billion, a PE ratio of 18.17, a P/E/G ratio of 2.44 and a beta of 1.10.

Insider Buying and Selling at Flex

In related news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the sale, the insider now owns 240,018 shares in the company, valued at $8,494,237.02. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLEX. Creative Planning boosted its stake in Flex by 0.6% during the 3rd quarter. Creative Planning now owns 141,371 shares of the technology company’s stock valued at $4,726,000 after purchasing an additional 839 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Flex by 254.9% during the second quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after buying an additional 36,465 shares in the last quarter. Algert Global LLC grew its holdings in Flex by 14.6% during the second quarter. Algert Global LLC now owns 250,455 shares of the technology company’s stock worth $7,386,000 after acquiring an additional 31,876 shares during the period. Gateway Investment Advisers LLC raised its position in Flex by 153.6% in the third quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company’s stock worth $3,724,000 after acquiring an additional 67,468 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Flex by 113.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock valued at $16,259,000 after acquiring an additional 257,975 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.