BidaskClub Upgrades Flex (FLEX) to “Sell”

Flex (NASDAQ:FLEX) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Friday.

FLEX has been the subject of several other research reports. Goldman Sachs Group cut Flex from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. Macquarie set a $9.00 price target on Flex and gave the company a “hold” rating in a report on Monday, October 29th. Argus cut Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Needham & Company LLC lowered Flex from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Finally, ValuEngine lowered Flex from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.94.

Shares of NASDAQ FLEX traded up $0.09 during trading hours on Friday, hitting $8.68. 10,041,739 shares of the company’s stock were exchanged, compared to its average volume of 11,661,637. Flex has a 1-year low of $6.74 and a 1-year high of $19.71. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24. The stock has a market capitalization of $4.62 billion, a PE ratio of 10.85, a P/E/G ratio of 1.01 and a beta of 1.52.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Flex had a return on equity of 9.94% and a net margin of 1.15%. The business had revenue of $6.71 billion during the quarter, compared to analysts’ expectations of $6.81 billion. As a group, equities research analysts forecast that Flex will post 0.82 EPS for the current fiscal year.

Flex announced that its board has approved a share buyback program on Tuesday, August 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 6.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, insider Francois Barbier sold 70,278 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $14.03, for a total transaction of $986,000.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Scott Offer purchased 27,027 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The shares were acquired at an average price of $7.48 per share, for a total transaction of $202,161.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 70,678 shares of company stock worth $991,332. 0.88% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board grew its position in Flex by 2,570.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock worth $21,064,000 after acquiring an additional 1,436,925 shares during the last quarter. Clearline Capital LP bought a new position in Flex in the 2nd quarter valued at $4,738,000. Maplelane Capital LLC boosted its position in Flex by 29.0% in the 2nd quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock valued at $14,565,000 after buying an additional 232,258 shares during the last quarter. AT Bancorp bought a new position in Flex in the 2nd quarter valued at $556,000. Finally, Standard Life Aberdeen plc boosted its position in Flex by 22.6% in the 2nd quarter. Standard Life Aberdeen plc now owns 154,472 shares of the technology company’s stock valued at $2,181,000 after buying an additional 28,474 shares during the last quarter. Institutional investors and hedge funds own 91.90% of the company’s stock.

About Flex

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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Analyst Recommendations for Flex (NASDAQ:FLEX)

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