Flex (NASDAQ:FLEX) Rating Lowered to “Hold” at StockNews.com

Flex (NASDAQ:FLEX) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

A number of other equities research analysts have also recently commented on the company. Craig Hallum increased their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. Finally, Stifel Nicolaus boosted their price objective on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $42.67.

Flex Stock Down 0.3 %

Shares of FLEX stock traded down $0.12 during trading hours on Wednesday, reaching $41.06. 2,212,772 shares of the company’s stock were exchanged, compared to its average volume of 2,860,514. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $44.45. The stock’s 50 day moving average is $38.54 and its 200-day moving average is $33.99. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The company has a market cap of $15.92 billion, a price-to-earnings ratio of 18.17, a P/E/G ratio of 2.44 and a beta of 1.10.

Insider Buying and Selling

In other Flex 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 value of $284,110.92. Following the sale, the insider now owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now directly owns 55,713 shares of the company’s stock, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its position in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Merewether Investment Management LP purchased a new position in shares of Flex during the 2nd quarter valued at approximately $72,808,000. Charles Schwab Investment Management Inc. grew its stake in Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after acquiring an additional 2,170,262 shares during the period. Point72 Asset Management L.P. increased its holdings in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after acquiring an additional 792,700 shares in the last quarter. Finally, Simcoe Capital Management LLC acquired a new position in Flex during the third quarter worth $22,075,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.