Flex (NASDAQ:FLEX) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

FLEX has been the subject of several other research reports. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. The Goldman Sachs Group dropped their target price on shares of Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Barclays dropped their target price on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.20.

Flex Stock Performance

Shares of FLEX stock opened at $115.78 on Friday. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $119.07 and its two-hundred day moving average is $110.45. The company has a market capitalization of $42.77 billion, a P/E ratio of 44.70, a P/E/G ratio of 0.58 and a beta of 1.67. Flex has a 12-month low of $53.07 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. Analysts expect that Flex will post 4.27 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, EVP David Offer sold 6,657 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president directly owned 91,122 shares in the company, valued at approximately $13,233,648.06. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the sale, the chief accounting officer owned 37,932 shares in the company, valued at $5,507,726.40. This represents a 3.34% 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 426,938 shares of company stock valued at $61,941,083 in the last 90 days. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flex

Several hedge funds have recently bought and sold shares of the stock. Frazier Financial Advisors LLC acquired a new stake in shares of Flex during the fourth quarter valued at $28,000. Parkside Financial Bank & Trust grew its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares in the last quarter. Gables Capital Management Inc. purchased a new position in shares of Flex during the fourth quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd grew its stake in Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after acquiring an additional 695 shares during the period. Finally, Transamerica Financial Advisors LLC boosted its holdings in shares of Flex by 168.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 841 shares of the technology company’s stock worth $51,000 after purchasing an additional 528 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.