Wall Street Zen Downgrades Flex (NASDAQ:FLEX) to Hold

Flex (NASDAQ:FLEX) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

FLEX has been the subject of a number of other research reports. The Goldman Sachs Group lowered their price target on Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Barclays reduced their price objective on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Finally, Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average price target of $114.20.

Flex Price Performance

NASDAQ:FLEX opened at $115.78 on Friday. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex has a twelve month low of $53.07 and a twelve month high of $166.86. The company has a market cap of $42.77 billion, a PE ratio of 44.70, a P/E/G ratio of 0.58 and a beta of 1.67. The company’s 50 day moving average is $119.07 and its two-hundred day moving average is $110.78.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Analysts anticipate that Flex will post 4.27 EPS for the current year.

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 3,890 shares of Flex stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.47, for a total transaction of $561,988.30. Following the completion of the transaction, the chief accounting officer directly owned 39,243 shares of the company’s stock, valued at $5,669,436.21. The trade was a 9.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Hartung sold 22,627 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 356,776 shares of company stock valued at $51,558,846 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in shares of Flex by 0.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 178,753 shares of the technology company’s stock worth $28,970,000 after acquiring an additional 1,256 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Flex by 1,713.9% in the 2nd quarter. Tidal Investments LLC now owns 65,263 shares of the technology company’s stock valued at $10,577,000 after purchasing an additional 61,665 shares in the last quarter. IPG Investment Advisors LLC acquired a new position in Flex in the 2nd quarter worth about $319,000. WINTON GROUP Ltd purchased a new position in Flex during the second quarter worth approximately $438,000. Finally, Baird Financial Group Inc. purchased a new position in Flex during the second quarter worth approximately $959,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.