Flex (NASDAQ:FLEX) Downgraded to Hold Rating by Zacks Research

Flex (NASDAQ:FLEX) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on FLEX. JPMorgan Chase & Co. raised their price objective on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. The Goldman Sachs Group lifted their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays upped their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Finally, Stifel Nicolaus upped their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Trading Up 1.4%

NASDAQ:FLEX opened at $133.37 on Tuesday. The firm has a market capitalization of $48.86 billion, a P/E ratio of 57.24, a PEG ratio of 0.69 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex has a one year low of $47.83 and a one year high of $166.86. The company’s 50-day simple moving average is $140.54 and its 200 day simple moving average is $92.77.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion during the quarter. As a group, analysts forecast that Flex will post 4.15 EPS for the current fiscal year.

Insider Activity at Flex

In other news, COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the sale, the chief operating officer owned 248,546 shares of the company’s stock, valued at $36,086,393.74. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the transaction, the executive vice president directly owned 91,122 shares of the company’s stock, valued at $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last three months. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after buying an additional 25,662,586 shares during the last quarter. State Street Corp boosted its position in Flex by 17.8% in the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after purchasing an additional 2,126,440 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Flex by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after purchasing an additional 181,266 shares during the last quarter. Norges Bank bought a new position in shares of Flex in the 4th quarter worth approximately $319,756,000. Finally, Polar Capital Holdings Plc boosted its holdings in shares of Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after buying an additional 2,165,780 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.