Flex (NASDAQ:FLEX) Downgraded to “Hold” Rating by StockNews.com

Flex (NASDAQ:FLEX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Saturday.

A number of other analysts have also issued reports on FLEX. Barclays lifted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research report on Thursday, October 17th. KeyCorp assumed coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Craig Hallum lifted their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus raised their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Price Performance

Flex stock opened at $41.65 on Friday. Flex has a 52-week low of $23.64 and a 52-week high of $45.10. The firm has a market capitalization of $16.15 billion, a P/E ratio of 16.79, a PEG ratio of 2.61 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average of $39.96 and a 200-day moving average of $35.42.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. As a group, analysts predict that Flex will post 2.16 EPS for the current year.

Insider Buying and Selling

In other news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Several institutional investors have recently bought and sold shares of the stock. Creative Planning lifted its stake in shares of Flex by 0.6% in the 3rd quarter. Creative Planning now owns 141,371 shares of the technology company’s stock worth $4,726,000 after acquiring an additional 839 shares during the period. Gateway Investment Advisers LLC increased its position in shares of Flex by 153.6% during the 3rd quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company’s stock valued at $3,724,000 after purchasing an additional 67,468 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Flex by 113.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after acquiring an additional 257,975 shares during the period. Finally, Geode Capital Management LLC raised its position in Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after acquiring an additional 3,844,935 shares in the last quarter. 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.