ValuEngine Lowers Flex (FLEX) to Strong Sell

ValuEngine cut shares of Flex (NASDAQ:FLEX) from a sell rating to a strong sell rating in a research report report published on Saturday.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Flex from a buy rating to a hold rating in a report on Monday, July 2nd. Needham & Company LLC cut shares of Flex from a buy rating to a hold rating in a report on Friday. Finally, BidaskClub upgraded shares of Flex from a strong sell rating to a sell rating in a report on Thursday, August 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Flex currently has an average rating of Hold and a consensus target price of $18.50.

Shares of Flex stock opened at $6.94 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93. Flex has a 1 year low of $6.74 and a 1 year high of $19.71. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 8.68, a price-to-earnings-growth ratio of 0.35 and a beta of 0.87.

Flex (NASDAQ:FLEX) last issued its earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Flex had a net margin of 1.15% and a return on equity of 9.94%. The company had revenue of $6.71 billion for the quarter, compared to analysts’ expectations of $6.81 billion. As a group, equities research analysts forecast that Flex will post 1.02 earnings per share for the current fiscal year.

Flex announced that its board has approved a stock buyback plan on Tuesday, August 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 6.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

In other Flex news, insider Francois Barbier sold 70,278 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $14.03, for a total transaction of $986,000.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 70,678 shares of company stock valued at $991,332. Insiders own 0.88% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Flex during the second quarter valued at about $161,000. Bank of Montreal Can lifted its position in shares of Flex by 116.5% during the third quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock valued at $167,000 after buying an additional 6,831 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Flex by 109.5% during the second quarter. Tower Research Capital LLC TRC now owns 15,817 shares of the technology company’s stock valued at $223,000 after buying an additional 8,267 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Flex during the first quarter valued at about $229,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Flex by 63.9% during the second quarter. Envestnet Asset Management Inc. now owns 16,773 shares of the technology company’s stock valued at $237,000 after buying an additional 6,539 shares during the last quarter. 91.90% of the stock is owned by institutional investors and hedge funds.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Flex (NASDAQ:FLEX)

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