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 Monday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Argus set a $85.00 price objective on Flex in a research note on Friday, October 31st. The Goldman Sachs Group lifted their price objective on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price objective on shares of Flex in a report on Wednesday, November 12th. Barclays boosted their price target on shares of Flex from $60.00 to $78.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.88.

Flex Stock Down 1.4%

FLEX stock opened at $61.67 on Monday. The stock has a market cap of $22.80 billion, a P/E ratio of 27.29, a P/E/G ratio of 1.66 and a beta of 1.26. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60. The stock’s fifty day simple moving average is $62.40 and its two-hundred day simple moving average is $56.63. Flex has a 1-year low of $25.11 and a 1-year high of $72.22.

Insider Activity

In other Flex news, Director Michael E. Hurlston sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total transaction of $580,000.00. Following the transaction, the director directly owned 58,561 shares in the company, valued at $3,396,538. This trade represents a 14.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 15,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $64.26, for a total transaction of $963,900.00. Following the completion of the sale, the insider directly owned 241,198 shares of the company’s stock, valued at $15,499,383.48. This trade represents a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 107,500 shares of company stock worth $6,593,750. 0.57% of the stock is currently owned by insiders.

Institutional Trading of Flex

Several hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new position in shares of Flex during the first quarter valued at about $25,000. MTM Investment Management LLC bought a new stake in shares of Flex in the 2nd quarter valued at about $26,000. Concord Wealth Partners purchased a new stake in Flex during the 2nd quarter valued at about $28,000. CENTRAL TRUST Co grew its position in Flex by 238.3% during the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after acquiring an additional 355 shares during the last quarter. Finally, CNB Bank purchased a new position in Flex in the 2nd quarter worth approximately $30,000. 94.30% of the stock is owned by institutional investors.

About Flex

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.