Flex (NASDAQ:FLEX) Announces Earnings Results, Beats Expectations By $0.02 EPS

Flex (NASDAQ:FLEX – Get Rating) announced its earnings results on Wednesday. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02, RTT News reports. The business had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.51 billion. Flex had a return on equity of 20.33% and a net margin of 2.85%. Flex’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 EPS. Flex updated its Q4 guidance to $0.48-0.54 EPS and its FY23 guidance to $2.27-2.33 EPS.

Flex Stock Performance

Shares of NASDAQ FLEX traded down $0.18 during midday trading on Wednesday, hitting $24.36. 6,212,559 shares of the company’s stock were exchanged, compared to its average volume of 5,766,671. The company has a quick ratio of 0.65, a current ratio of 1.29 and a debt-to-equity ratio of 0.74. Flex has a 12 month low of $13.63 and a 12 month high of $25.12. The company’s 50 day moving average price is $22.07 and its 200 day moving average price is $19.20. The firm has a market capitalization of $11.03 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.08 and a beta of 1.45.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 44,898 shares of Flex stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $19.66, for a total transaction of $882,694.68. Following the completion of the transaction, the insider now directly owns 143,105 shares in the company, valued at approximately $2,813,444.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Michael P. Hartung sold 3,744 shares of the business’s stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $20.03, for a total value of $74,992.32. Following the completion of the sale, the insider now directly owns 139,361 shares in the company, valued at approximately $2,791,400.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 44,898 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $19.66, for a total value of $882,694.68. Following the completion of the sale, the insider now owns 143,105 shares of the company’s stock, valued at $2,813,444.30. The disclosure for this sale can be found here. In the last three months, insiders sold 84,730 shares of company stock worth $1,734,074. 0.54% of the stock is owned by company insiders.

Institutional Trading of Flex

Several institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its stake in Flex by 3.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 14,753 shares of the technology company’s stock valued at $245,000 after purchasing an additional 556 shares during the period. SVB Wealth LLC raised its holdings in Flex by 6.2% in the 1st quarter. SVB Wealth LLC now owns 12,472 shares of the technology company’s stock valued at $232,000 after acquiring an additional 729 shares in the last quarter. Captrust Financial Advisors raised its holdings in Flex by 8.9% in the 2nd quarter. Captrust Financial Advisors now owns 9,593 shares of the technology company’s stock valued at $139,000 after acquiring an additional 780 shares in the last quarter. HighTower Advisors LLC raised its holdings in Flex by 1.0% in the 1st quarter. HighTower Advisors LLC now owns 86,350 shares of the technology company’s stock valued at $1,600,000 after acquiring an additional 853 shares in the last quarter. Finally, Laurel Wealth Advisors Inc. raised its holdings in Flex by 7.7% in the 1st quarter. Laurel Wealth Advisors Inc. now owns 12,698 shares of the technology company’s stock valued at $235,000 after acquiring an additional 906 shares in the last quarter. 95.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research note on Wednesday, December 28th.

Flex Company Profile

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Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.