Flex (NASDAQ:FLEX) Downgraded by Craig Hallum

Craig Hallum lowered shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research note released on Thursday, Marketbeat Ratings reports. Craig Hallum currently has $27.00 price objective on the technology company’s stock, down from their previous price objective of $28.00.

Other equities research analysts also recently issued reports about the stock. StockNews.com started coverage on shares of Flex in a research note on Wednesday, March 6th. They issued a hold rating on the stock. JPMorgan Chase & Co. upped their price target on shares of Flex from $32.00 to $34.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Finally, The Goldman Sachs Group boosted their price objective on Flex from $29.00 to $37.00 and gave the stock a buy rating in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $32.83.

Flex Price Performance

FLEX traded up $0.48 during trading on Thursday, hitting $27.90. 7,558,170 shares of the stock traded hands, compared to its average volume of 4,047,069. The business has a 50 day moving average price of $28.46 and a 200 day moving average price of $26.84. The company has a market cap of $11.75 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.71 and a beta of 1.18. Flex has a twelve month low of $19.85 and a twelve month high of $30.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.10. Flex had a return on equity of 15.88% and a net margin of 3.58%. The business had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.73 billion. Equities research analysts forecast that Flex will post 2.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other news, insider Rebecca Sidelinger sold 13,675 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total transaction of $382,763.25. Following the completion of the transaction, the insider now directly owns 161,913 shares in the company, valued at $4,531,944.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the completion of the sale, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at approximately $830,009.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 141,943 shares of company stock worth $4,055,311. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Rehmann Capital Advisory Group grew its stake in Flex by 12.0% during the first quarter. Rehmann Capital Advisory Group now owns 15,013 shares of the technology company’s stock worth $430,000 after purchasing an additional 1,607 shares during the period. GSA Capital Partners LLP lifted its position in shares of Flex by 287.9% during the 1st quarter. GSA Capital Partners LLP now owns 64,650 shares of the technology company’s stock valued at $1,850,000 after acquiring an additional 47,984 shares during the period. Hussman Strategic Advisors Inc. bought a new position in Flex during the first quarter worth $2,403,000. Resonant Capital Advisors LLC grew its holdings in Flex by 8.6% in the first quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock worth $247,000 after purchasing an additional 683 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Flex during the first quarter valued at about $783,000. 94.30% of the stock is owned by institutional investors.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.