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

by · The Cerbat Gem

Wall Street Zen downgraded shares of Flex (NASDAQ:FLEX – Free Report) from a strong-buy rating to a buy rating in a research note released on Friday.

A number of other equities analysts have also weighed in on the stock. KeyCorp restated an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. lowered their price target 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. The Goldman Sachs Group lowered their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Barclays boosted their target price on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Finally, Bank of America boosted their target price on shares of Flex from $48.00 to $50.00 and gave the company a “buy” rating in a report on Monday, June 9th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $46.00.

Get Our Latest Stock Analysis on FLEX

Flex Stock Down 0.4%

FLEX stock opened at $49.89 on Friday. The firm has a market cap of $18.64 billion, a PE ratio of 23.53, a P/E/G ratio of 1.85 and a beta of 1.04. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. The firm’s fifty day moving average is $41.18 and its 200 day moving average is $38.88. Flex has a one year low of $25.11 and a one year high of $50.62.

Flex (NASDAQ:FLEX – Get Free Report) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $6.22 billion. During the same quarter last year, the business earned $0.57 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts forecast that Flex will post 2.33 EPS for the current year.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 32,173 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $1,350,944.27. Following the completion of the sale, the insider now owns 270,483 shares in the company, valued at approximately $11,357,581.17. This trade represents a 10.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 4,502 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the sale, the chief accounting officer now owns 38,676 shares of the company’s stock, valued at $1,624,005.24. This trade represents a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock worth $47,582,965 in the last 90 days. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Flex

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in shares of Flex in the first quarter valued at about $25,000. Olde Wealth Management LLC acquired a new stake in shares of Flex in the first quarter valued at about $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Flex in the first quarter valued at about $26,000. CX Institutional acquired a new stake in shares of Flex in the first quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Flex in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

About Flex

(Get Free Report)

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.

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