Flex (NASDAQ:FLEX) Shares Down 4% – Here’s Why

Flex Ltd. (NASDAQ:FLEX)’s share price was down 4% during trading on Thursday . The stock traded as low as $63.25 and last traded at $63.96. Approximately 999,864 shares changed hands during trading, a decline of 68% from the average daily volume of 3,128,448 shares. The stock had previously closed at $66.60.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Flex in a report on Monday, December 29th. Barclays lowered their price target on Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, January 14th. Argus set a $85.00 price objective on shares of Flex in a research note on Friday, October 31st. The Goldman Sachs Group raised their target price on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Finally, Bank of America boosted their target price on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.11.

Flex Trading Down 2.8%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The company’s 50 day moving average is $62.26 and its 200 day moving average is $58.23. The stock has a market capitalization of $23.93 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 1.71 and a beta of 1.24.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $62.21, for a total value of $933,150.00. Following the completion of the sale, the insider owned 211,198 shares in the company, valued at approximately $13,138,627.58. This trade represents a 6.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William D. Watkins sold 20,000 shares of Flex stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $54.52, for a total value of $1,090,400.00. Following the sale, the director directly owned 98,073 shares in the company, valued at $5,346,939.96. The trade was a 16.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 128,906 shares of company stock valued at $7,904,439 in the last quarter. 0.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC acquired a new position in shares of Flex in the 4th quarter valued at $260,000. Goldman Sachs Group Inc. increased its stake in Flex by 19.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after acquiring an additional 211,046 shares during the period. Empowered Funds LLC acquired a new position in Flex in the first quarter worth about $397,000. Wealth Enhancement Advisory Services LLC raised its position in Flex by 3.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,759 shares of the technology company’s stock worth $2,675,000 after purchasing an additional 1,574 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in Flex by 5.1% during the second quarter. Diversified Trust Co now owns 7,518 shares of the technology company’s stock worth $375,000 after purchasing an additional 367 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Company Profile

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.