Analysts Expect Flex (FLEX) Will Announce Quarterly Sales of $6.26 Billion

Brokerages forecast that Flex (NASDAQ:FLEX) will announce $6.26 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Flex’s earnings, with estimates ranging from $6.25 billion to $6.29 billion. Flex posted sales of $5.86 billion in the same quarter last year, which would indicate a positive year over year growth rate of 6.8%. The business is scheduled to announce its next quarterly earnings results on Thursday, April 26th.

On average, analysts expect that Flex will report full-year sales of $6.26 billion for the current fiscal year, with estimates ranging from $24.84 billion to $25.32 billion. For the next financial year, analysts forecast that the firm will post sales of $26.28 billion per share, with estimates ranging from $25.74 billion to $26.80 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Flex.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.31 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.31. Flex had a net margin of 2.15% and a return on equity of 20.44%. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.50 billion. During the same period last year, the business earned $0.34 earnings per share. The business’s revenue for the quarter was up 10.4% on a year-over-year basis.

A number of equities research analysts have weighed in on FLEX shares. ValuEngine cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Friday. UBS reiterated a “buy” rating and set a $21.50 price target on shares of Flex in a research report on Tuesday, December 19th. Stifel Nicolaus lifted their price target on shares of Flex from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Bank of America lifted their price target on shares of Flex from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Finally, Needham & Company LLC lifted their price objective on shares of Flex from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, January 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Flex has a consensus rating of “Buy” and a consensus target price of $20.56.

In related news, Director Willy C. Shih sold 13,597 shares of Flex stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $17.91, for a total value of $243,522.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.83% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Iridian Asset Management LLC CT grew its holdings in shares of Flex by 12.7% in the fourth quarter. Iridian Asset Management LLC CT now owns 14,406,912 shares of the technology company’s stock valued at $259,180,000 after purchasing an additional 1,628,669 shares in the last quarter. Lyrical Asset Management LP lifted its stake in Flex by 3.1% in the fourth quarter. Lyrical Asset Management LP now owns 13,457,284 shares of the technology company’s stock worth $242,097,000 after acquiring an additional 407,456 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Flex by 7.0% in the fourth quarter. Victory Capital Management Inc. now owns 12,993,309 shares of the technology company’s stock worth $233,750,000 after acquiring an additional 846,833 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in Flex by 9.2% in the third quarter. Thompson Siegel & Walmsley LLC now owns 4,996,536 shares of the technology company’s stock worth $82,792,000 after acquiring an additional 421,171 shares during the last quarter. Finally, Pzena Investment Management LLC lifted its stake in Flex by 5.0% in the fourth quarter. Pzena Investment Management LLC now owns 4,648,765 shares of the technology company’s stock worth $83,632,000 after acquiring an additional 220,770 shares during the last quarter. Hedge funds and other institutional investors own 97.59% of the company’s stock.

Shares of Flex (FLEX) traded down $0.74 on Tuesday, hitting $16.66. 3,714,341 shares of the company’s stock were exchanged, compared to its average volume of 4,427,327. Flex has a 1-year low of $14.70 and a 1-year high of $19.71. The firm has a market capitalization of $8,790.90, a PE ratio of 16.83, a PEG ratio of 0.92 and a beta of 0.78. The company has a current ratio of 1.22, a quick ratio of 0.72 and a debt-to-equity ratio of 0.97.

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Flex Company Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies.

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