Flex (NASDAQ:FLEX) Downgraded to “Hold” at Craig Hallum

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

Several other research firms have also weighed in on FLEX. StockNews.com began coverage on Flex in a report on Wednesday, March 6th. They issued a hold rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Flex from $32.00 to $34.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the company a buy rating in a research note on Monday, March 4th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Flex currently has an average rating of Moderate Buy and an average price target of $32.83.

Flex Price Performance

NASDAQ FLEX opened at $27.90 on Thursday. Flex has a fifty-two week low of $19.85 and a fifty-two week high of $30.93. The stock’s 50-day moving average is $28.46 and its two-hundred day moving average is $26.85. The firm has a market cap of $11.75 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 1.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 43,381 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the sale, the insider now directly owns 154,810 shares in the company, valued at approximately $4,723,253.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Flex news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the transaction, the insider now owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of Flex stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. Insiders sold a total of 141,943 shares of company stock worth $4,055,311 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently made changes to their positions in FLEX. Cornerstone Planning Group LLC bought a new stake in Flex in the third quarter valued at about $30,000. Richardson Financial Services Inc. bought a new stake in shares of Flex in the 4th quarter valued at approximately $34,000. CWM LLC raised its holdings in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after buying an additional 773 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after buying an additional 1,455 shares during the period. Finally, Bruce G. Allen Investments LLC acquired a new stake in Flex in the 4th quarter valued at $75,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.