StockNews.com Downgrades Flex (NASDAQ:FLEX) to Hold

Flex (NASDAQ:FLEX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

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

Flex Price Performance

Shares of NASDAQ:FLEX traded down $0.12 during trading on Wednesday, reaching $41.06. The stock had a trading volume of 2,212,772 shares, compared to its average volume of 2,860,514. The business has a fifty day moving average price of $38.54 and a 200-day moving average price of $33.99. Flex has a 1-year low of $21.84 and a 1-year high of $44.45. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The stock has a market cap of $15.92 billion, a PE ratio of 18.17, a PEG ratio of 2.44 and a beta of 1.10.

Insider Activity

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

Institutional Trading of Flex

A number of institutional investors and hedge funds have recently bought and sold shares of FLEX. Harbor Capital Advisors Inc. purchased a new position in Flex in the third quarter valued at $29,000. Huntington National Bank boosted its stake in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. Kathleen S. Wright Associates Inc. acquired a new position in shares of Flex during the third quarter worth about $39,000. Quarry LP purchased a new stake in shares of Flex during the second quarter worth approximately $43,000. Finally, First Horizon Advisors Inc. raised its holdings in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other 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.