Zacks Research Downgrades Flex (NASDAQ:FLEX) to Hold

Flex (NASDAQ:FLEX) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

FLEX has been the topic of several other research reports. Barclays raised their price target on shares of Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Jefferies Financial Group restated a “hold” rating and set a $23.00 target price on shares of Flex in a research report on Wednesday, November 12th. JPMorgan Chase & Co. lifted their price target on Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Bank of America increased their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Finally, Argus set a $85.00 price objective on Flex in a report on Friday, October 31st. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Flex currently has an average rating of “Moderate Buy” and a consensus target price of $65.88.

Flex Trading Down 1.4%

Flex stock opened at $61.67 on Monday. The firm has a market cap of $22.80 billion, a PE ratio of 27.29, a P/E/G ratio of 1.66 and a beta of 1.26. Flex has a 12 month low of $25.11 and a 12 month high of $72.22. The stock’s 50 day simple moving average is $62.40 and its two-hundred day simple moving average is $56.63. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the completion of the sale, the chief accounting officer owned 27,619 shares of the company’s stock, valued at approximately $1,987,739.43. This represents a 26.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the director owned 58,561 shares in the company, valued at approximately $3,396,538. This represents a 14.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 107,500 shares of company stock worth $6,593,750 in the last ninety days. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Flex

A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Boston Partners boosted its position in shares of Flex by 3.5% during the 2nd quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock valued at $1,029,769,000 after acquiring an additional 687,835 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Flex by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 13,083,744 shares of the technology company’s stock valued at $758,465,000 after purchasing an additional 221,819 shares during the last quarter. State Street Corp grew its stake in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after buying an additional 3,377,669 shares during the period. Invesco Ltd. increased its holdings in shares of Flex by 6.1% during the 2nd quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock worth $442,870,000 after buying an additional 508,495 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after buying an additional 2,459,511 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

About Flex

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.