Flex (NASDAQ:FLEX) Cut to Hold at StockNews.com

StockNews.com lowered shares of Flex (NASDAQ:FLEX) from a buy rating to a hold rating in a research note released on Wednesday morning.

Several other research analysts also recently issued reports on the company. Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus raised their price target on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. KeyCorp assumed coverage on shares of Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Finally, Barclays raised their price objective on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $42.67.

Flex Trading Down 0.3 %

Shares of FLEX stock opened at $41.06 on Wednesday. Flex has a twelve month low of $21.84 and a twelve month high of $44.45. The stock’s fifty day simple moving average is $38.54 and its 200 day simple moving average is $33.99. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $15.92 billion, a P/E ratio of 18.17, a P/E/G ratio of 2.44 and a beta of 1.10.

Insider Activity

In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flex

A number of large investors have recently modified their holdings of FLEX. Commonwealth Equity Services LLC raised its holdings in Flex by 52.8% during the second quarter. Commonwealth Equity Services LLC now owns 29,802 shares of the technology company’s stock worth $879,000 after buying an additional 10,299 shares during the last quarter. Natixis Advisors LLC increased its position in shares of Flex by 50.5% during the second quarter. Natixis Advisors LLC now owns 25,550 shares of the technology company’s stock worth $753,000 after acquiring an additional 8,576 shares in the last quarter. Choreo LLC acquired a new stake in shares of Flex in the 2nd quarter worth about $400,000. LPL Financial LLC lifted its position in Flex by 19.4% in the 2nd quarter. LPL Financial LLC now owns 1,204,940 shares of the technology company’s stock valued at $35,534,000 after acquiring an additional 196,072 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Flex by 27.8% during the 2nd quarter. American Century Companies Inc. now owns 331,989 shares of the technology company’s stock valued at $9,790,000 after purchasing an additional 72,169 shares during the last quarter. 94.30% of the stock is currently 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.