Flex (NASDAQ:FLEX) Rating Lowered to “Hold” at Zacks Research

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

A number of other research firms have also issued reports on FLEX. Bank of America increased their target price on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Barclays lifted their target price on Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. The Goldman Sachs Group increased their price target on Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Jefferies Financial Group reissued a “hold” rating and set a $23.00 price objective on shares of Flex in a research report on Wednesday, November 12th. Finally, Argus set a $85.00 target price on shares of Flex in a report on Friday, October 31st. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Flex has a consensus rating of “Moderate Buy” and a consensus price target of $65.88.

Flex Stock Down 1.4%

Shares of NASDAQ FLEX opened at $61.67 on Monday. The business’s 50 day moving average is $62.40 and its two-hundred day moving average is $56.63. Flex has a 52-week low of $25.11 and a 52-week high of $72.22. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The firm has a market cap of $22.80 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 1.66 and a beta of 1.26.

Insider Activity

In related news, insider Michael P. Hartung sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total value of $933,150.00. Following the completion of the sale, the insider directly owned 211,198 shares of the company’s stock, valued at $13,138,627.58. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Kwang Hooi Tan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $64.88, for a total value of $811,000.00. Following the completion of the sale, the chief operating officer owned 251,136 shares of the company’s stock, valued at approximately $16,293,703.68. This represents a 4.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 107,500 shares of company stock worth $6,593,750 over the last three months. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirova raised its holdings in shares of Flex by 74.0% in the third quarter. Mirova now owns 132,141 shares of the technology company’s stock valued at $7,660,000 after buying an additional 56,183 shares during the last quarter. CTC Alternative Strategies Ltd. purchased a new position in shares of Flex during the third quarter worth about $752,000. IFP Advisors Inc increased its position in Flex by 45.6% in the 3rd quarter. IFP Advisors Inc now owns 6,664 shares of the technology company’s stock valued at $386,000 after acquiring an additional 2,086 shares during the period. Swiss Life Asset Management Ltd raised its stake in Flex by 6.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 111,622 shares of the technology company’s stock valued at $6,471,000 after acquiring an additional 7,193 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in Flex during the 3rd quarter worth approximately $968,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

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.