Flex (NASDAQ:FLEX – Get Free Report) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.
A number of other analysts have also recently weighed in on the company. Robert W. Baird set a $165.00 price objective on Flex in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. The Goldman Sachs Group lifted their price objective on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.
Check Out Our Latest Stock Analysis on Flex
Flex Stock Performance
Flex (NASDAQ:FLEX – Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Research analysts forecast that Flex will post 4.15 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO Revathi Advaithi sold 197,879 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares in the company, valued at $11,307,921.61. This trade represents a 30.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Flex
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in shares of Flex in the 4th quarter valued at approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Flex during the 4th quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC grew its position in shares of Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after buying an additional 19,270 shares in the last quarter. Finally, North Dakota State Investment Board acquired a new stake in shares of Flex during the fourth quarter worth approximately $794,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Flex Company Profile
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.
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