Flex (NASDAQ:FLEX) Updates FY23 Earnings Guidance

Posted by admin on Jan 26th, 2023

Flex (NASDAQ:FLEX – Get Rating) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.27-2.33 for the period, compared to the consensus earnings per share estimate of $2.30. The company issued revenue guidance of $29.9-30.3 billion, compared to the consensus revenue estimate of $29.62 billion. Flex also updated its Q4 guidance to $0.48-0.54 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Flex from a buy rating to a hold rating in a research report on Wednesday, December 28th.

Flex Trading Down 0.7 %

Shares of NASDAQ:FLEX traded down $0.18 during trading on Wednesday, reaching $24.36. The stock had a trading volume of 6,212,559 shares, compared to its average volume of 5,766,671. The business has a fifty day moving average price of $22.07 and a 200-day moving average price of $19.20. The company has a quick ratio of 0.65, a current ratio of 1.29 and a debt-to-equity ratio of 0.74. The stock has a market cap of $11.03 billion, a P/E ratio of 14.00, a PEG ratio of 1.08 and a beta of 1.45. Flex has a fifty-two week low of $13.63 and a fifty-two week high of $25.12.

Flex (NASDAQ:FLEX – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The technology company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. Flex had a net margin of 2.85% and a return on equity of 20.33%. The firm had revenue of $7.76 billion during the quarter, compared to analyst estimates of $7.51 billion. During the same quarter in the prior year, the business posted $0.48 earnings per share. Flex’s revenue for the quarter was up 17.2% compared to the same quarter last year. As a group, analysts anticipate that Flex will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Flex

Institutional investors have recently bought and sold shares of the business. Covestor Ltd grew its stake in Flex by 130.7% during the first quarter. Covestor Ltd now owns 5,137 shares of the technology company’s stock worth $95,000 after buying an additional 2,910 shares during the period. Captrust Financial Advisors boosted its stake in shares of Flex by 8.9% in the second quarter. Captrust Financial Advisors now owns 9,593 shares of the technology company’s stock valued at $139,000 after purchasing an additional 780 shares during the period. Prudential Financial Inc. purchased a new position in shares of Flex in the second quarter valued at $158,000. Natixis Advisors L.P. purchased a new position in shares of Flex in the first quarter valued at $201,000. Finally, Prelude Capital Management LLC purchased a new position in shares of Flex in the second quarter valued at $204,000. 95.44% of the stock is currently owned by hedge funds and other institutional investors.

About Flex

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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.