Flex (NASDAQ:FLEX) Stock Rating Lowered by Craig Hallum

Flex (NASDAQ:FLEX) was downgraded by stock analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Marketbeat.com reports. They currently have a $27.00 price objective on the technology company’s stock, down from their prior price objective of $28.00. Craig Hallum’s target price indicates a potential downside of 3.23% from the stock’s current price.

FLEX has been the topic of a number of other reports. StockNews.com started coverage on Flex in a research report on Wednesday, March 6th. They set a “hold” rating on the stock. The Goldman Sachs Group lifted their price objective on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Flex presently has an average rating of “Moderate Buy” and a consensus price target of $32.83.

Flex Stock Performance

Shares of FLEX traded up $0.48 during mid-day trading on Thursday, hitting $27.90. The company’s stock had a trading volume of 7,558,170 shares, compared to its average volume of 4,047,069. Flex has a one year low of $19.85 and a one year high of $30.93. The stock’s 50-day moving average is $28.46 and its two-hundred day moving average is $26.84. The firm has a market capitalization of $11.75 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.71 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.

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

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 75,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP David Scott Offer sold 75,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the sale, the executive vice president now owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 43,381 shares of Flex stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the transaction, the insider now directly owns 154,810 shares of the company’s stock, valued at $4,723,253.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 141,943 shares of company stock valued at $4,055,311. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of large investors have recently bought and sold shares of FLEX. Commonwealth Equity Services LLC boosted its stake in Flex by 58.0% in the third quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after purchasing an additional 12,248 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Flex by 145.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock worth $1,585,000 after buying an additional 34,810 shares in the last quarter. Stratos Wealth Advisors LLC grew its holdings in Flex by 3.1% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company’s stock worth $403,000 after acquiring an additional 452 shares during the last quarter. Bank of New York Mellon Corp increased its position in Flex by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock valued at $12,499,000 after acquiring an additional 14,205 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Flex by 11.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,613 shares of the technology company’s stock worth $2,256,000 after acquiring an additional 8,688 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Company Profile

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.