Flex (NASDAQ:FLEX) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Flex (NASDAQ:FLEX) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

FLEX has been the subject of several other research reports. JPMorgan Chase & Co. increased their price objective on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Barclays upped their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Robert W. Baird set a $165.00 price target on shares of Flex in a research note on Thursday, May 7th. KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Stock Up 1.4%

Shares of NASDAQ FLEX opened at $133.37 on Tuesday. The stock has a fifty day moving average price of $140.54 and a 200 day moving average price of $92.77. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex has a 12-month low of $47.83 and a 12-month high of $166.86. The company has a market cap of $48.86 billion, a P/E ratio of 57.24, a P/E/G ratio of 0.69 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. Research analysts anticipate that Flex will post 4.15 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 6,657 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer owned 584,278 shares in the company, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 in the last three months. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares in the last quarter. State Street Corp boosted its holdings in Flex by 17.8% during the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after buying an additional 2,126,440 shares in the last quarter. Geode Capital Management LLC grew its position in Flex by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after buying an additional 181,266 shares during the last quarter. Norges Bank bought a new position in shares of Flex in the fourth quarter valued at $319,756,000. Finally, Polar Capital Holdings Plc lifted its position in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after acquiring an additional 2,165,780 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.