Flex (NASDAQ:FLEX) Downgraded by Craig Hallum

Craig Hallum downgraded shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a report released on Thursday, Marketbeat reports. They currently have $27.00 price target on the technology company’s stock, down from their prior price target of $28.00.

A number of other research firms also recently weighed in on FLEX. JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. The Goldman Sachs Group increased their price objective on Flex from $29.00 to $37.00 and gave the company a buy rating in a report on Monday, March 4th. Finally, StockNews.com initiated coverage on Flex in a report on Wednesday, March 6th. They set a hold rating for the company. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Flex has an average rating of Moderate Buy and an average target price of $32.83.

Flex Trading Up 1.8 %

Shares of NASDAQ:FLEX traded up $0.48 during midday trading on Thursday, reaching $27.90. The company’s stock had a trading volume of 7,558,170 shares, compared to its average volume of 4,047,069. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. The firm has a 50 day moving average price of $28.46 and a two-hundred day moving average price of $26.84. Flex has a fifty-two week low of $19.85 and a fifty-two week high of $30.93.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. Flex had a return on equity of 15.88% and a net margin of 3.58%. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.73 billion. As a group, analysts forecast that Flex will post 2.14 earnings per share for the current year.

Insider Buying and Selling

In other Flex news, CAO Daniel Wendler sold 1,860 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the sale, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Daniel Wendler sold 1,860 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the transaction, the chief accounting officer now directly owns 28,730 shares in the company, valued at approximately $830,009.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the transaction, the insider now owns 161,913 shares in the company, valued at $4,531,944.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,943 shares of company stock worth $4,055,311. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Flex by 0.6% in the 3rd quarter. FMR LLC now owns 44,662,657 shares of the technology company’s stock worth $1,204,998,000 after buying an additional 247,024 shares during the period. Boston Partners increased its holdings in shares of Flex by 7.5% in the 4th quarter. Boston Partners now owns 8,967,046 shares of the technology company’s stock worth $272,891,000 after purchasing an additional 624,414 shares in the last quarter. LSV Asset Management increased its holdings in shares of Flex by 0.7% in the 4th quarter. LSV Asset Management now owns 7,047,273 shares of the technology company’s stock worth $214,660,000 after purchasing an additional 51,068 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Flex by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 5,829,503 shares of the technology company’s stock worth $177,567,000 after purchasing an additional 248,233 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Flex in the 4th quarter worth $165,000,000. 94.30% of the stock is currently owned by institutional investors.

About Flex

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.