Flex (NASDAQ:FLEX) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Friday.
A number of other research analysts have also recently commented on FLEX. Zacks Investment Research cut Flex from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 11th. ValuEngine cut Flex from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Needham & Company LLC cut Flex from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Goldman Sachs Group cut Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Finally, Macquarie set a $9.00 price objective on Flex and gave the company a “hold” rating in a report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Flex has a consensus rating of “Hold” and a consensus price target of $17.94.
FLEX opened at $8.59 on Friday. Flex has a one year low of $6.74 and a one year high of $19.71. The company has a market capitalization of $4.10 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 0.90 and a beta of 0.87. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24.
Flex (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Flex had a return on equity of 9.94% and a net margin of 1.15%. The firm had revenue of $6.71 billion for the quarter, compared to analysts’ expectations of $6.81 billion. As a group, analysts anticipate that Flex will post 0.82 EPS for the current year.
Flex declared that its board has approved a share repurchase program on Tuesday, August 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 6.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP David Scott Offer purchased 27,027 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were bought at an average cost of $7.48 per share, for a total transaction of $202,161.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Francois Barbier sold 70,278 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $14.03, for a total value of $986,000.34. The disclosure for this sale can be found here. Insiders have sold 70,678 shares of company stock worth $991,332 over the last 90 days. 0.88% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Towle & Co. lifted its stake in Flex by 2.4% during the third quarter. Towle & Co. now owns 2,093,705 shares of the technology company’s stock worth $27,469,000 after purchasing an additional 48,780 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Flex during the third quarter worth $203,000. Willingdon Wealth Management increased its position in shares of Flex by 8.7% during the third quarter. Willingdon Wealth Management now owns 266,914 shares of the technology company’s stock worth $3,502,000 after acquiring an additional 21,399 shares during the period. Signition LP purchased a new stake in shares of Flex during the third quarter worth $219,000. Finally, Regentatlantic Capital LLC increased its position in shares of Flex by 16.6% during the third quarter. Regentatlantic Capital LLC now owns 49,043 shares of the technology company’s stock worth $643,000 after acquiring an additional 7,000 shares during the period. Institutional investors own 91.90% of the company’s stock.
Flex Company Profile
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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