Flex (NASDAQ:FLEX) issued its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01, MarketWatch Earnings reports. The business had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion. Flex had a return on equity of 9.83% and a net margin of 1.15%. Flex updated its Q3 2019 guidance to $0.29-0.33 EPS and its FY 2019 guidance to $1.05-1.15 EPS.
Shares of NASDAQ FLEX traded down $0.35 during midday trading on Friday, hitting $8.22. The stock had a trading volume of 14,836,079 shares, compared to its average volume of 11,993,838. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.73 and a current ratio of 1.23. Flex has a fifty-two week low of $6.74 and a fifty-two week high of $19.71. The stock has a market capitalization of $4.59 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.01 and a beta of 1.52.
A number of analysts have issued reports on FLEX shares. ValuEngine raised Flex from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Argus downgraded Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Macquarie set a $9.00 target price on Flex and gave the stock a “hold” rating in a research report on Monday, October 29th. Needham & Company LLC downgraded Flex from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Finally, Zacks Investment Research upgraded Flex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.94.
Flex announced that its board has approved a stock buyback plan on Tuesday, August 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to purchase up to 6.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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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