Flex (FLEX) Rating Lowered to Sell at BidaskClub
Flex (NASDAQ:FLEX) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
FLEX has been the subject of a number of other research reports. UBS Group restated a “buy” rating and set a $21.50 price objective on shares of Flex in a report on Tuesday, December 19th. Royal Bank of Canada restated a “buy” rating and set a $19.00 price objective on shares of Flex in a report on Friday, October 13th. Zacks Investment Research upgraded Flex from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. ValuEngine upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Stifel Nicolaus boosted their price objective on Flex from $19.00 to $20.00 and gave the company a “buy” rating in a report on Friday, October 27th. One investment 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 an average target price of $19.75.
Flex (FLEX) opened at $17.70 on Wednesday. The company has a market capitalization of $9,330.00, a P/E ratio of 17.52, a PEG ratio of 0.98 and a beta of 0.81. The company has a quick ratio of 0.70, a current ratio of 1.23 and a debt-to-equity ratio of 1.01. Flex has a 1-year low of $14.22 and a 1-year high of $19.11.
Flex (NASDAQ:FLEX) last announced its earnings results on Thursday, October 26th. The technology company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The firm had revenue of $6.27 billion during the quarter, compared to analysts’ expectations of $6.09 billion. Flex had a return on equity of 22.71% and a net margin of 2.25%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 EPS. research analysts forecast that Flex will post 1.09 earnings per share for the current year.
In other Flex news, Director William D. Watkins sold 9,000 shares of Flex stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $17.73, for a total transaction of $159,570.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 45,000 shares of Flex stock in a transaction on Friday, December 1st. The shares were sold at an average price of $17.71, for a total value of $796,950.00. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Russell Investments Group Ltd. raised its position in Flex by 317.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,189,046 shares of the technology company’s stock valued at $19,702,000 after purchasing an additional 904,163 shares in the last quarter. Thompson Siegel & Walmsley LLC raised its position in shares of Flex by 9.2% in the 3rd 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 in the last quarter. South Street Advisors LLC bought a new position in shares of Flex in the 2nd quarter worth $3,277,000. Korea Investment CORP raised its position in shares of Flex by 145.7% in the 3rd quarter. Korea Investment CORP now owns 257,300 shares of the technology company’s stock worth $4,263,000 after acquiring an additional 152,600 shares in the last quarter. Finally, Tocqueville Asset Management L.P. raised its position in shares of Flex by 6.2% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 1,116,155 shares of the technology company’s stock worth $18,495,000 after acquiring an additional 65,000 shares in the last quarter. 95.22% of the stock is owned by institutional investors and hedge funds.
Flex Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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