Flex (NASDAQ:FLEX) Stock Price Down 5.6% – What’s Next?

Flex Ltd. (NASDAQ:FLEX) shares dropped 5.6% on Tuesday. The company traded as low as $110.77 and last traded at $110.6210. Approximately 918,823 shares changed hands during trading, a decline of 80% from the average daily volume of 4,673,199 shares. The stock had previously closed at $117.24.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FLEX. Raymond James Financial set a $170.00 price target on Flex and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Barclays cut their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $119.67.

Flex Stock Performance

The stock has a fifty day moving average price of $114.60 and a 200 day moving average price of $118.12. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The firm has a market cap of $40.26 billion, a price-to-earnings ratio of 42.10, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67.

Flex (NASDAQ:FLEX) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. The firm had revenue of $7.93 billion during the quarter. As a group, analysts predict that Flex Ltd. will post 4.27 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total value of $332,363.20. Following the transaction, the insider owned 243,175 shares in the company, valued at $29,336,632. This trade represents a 1.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flex

A number of institutional investors have recently made changes to their positions in FLEX. Wedmont Private Capital boosted its stake in Flex by 32.0% during the 3rd quarter. Wedmont Private Capital now owns 2,659 shares of the technology company’s stock valued at $305,000 after purchasing an additional 645 shares during the period. Insight Wealth Strategies LLC grew its holdings in Flex by 84.8% in the 3rd quarter. Insight Wealth Strategies LLC now owns 52,016 shares of the technology company’s stock valued at $5,721,000 after buying an additional 23,875 shares during the last quarter. Veracity Capital LLC bought a new position in Flex in the 3rd quarter worth approximately $1,286,000. Venture Visionary Partners LLC bought a new position in Flex in the 3rd quarter worth approximately $330,000. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of Flex by 18.3% during the third quarter. Central Pacific Bank Trust Division now owns 6,891 shares of the technology company’s stock worth $758,000 after buying an additional 1,066 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions provider that helps companies design, build and deliver products. The company works with original equipment manufacturers and other brands across the product life cycle, from product design and engineering through manufacturing, logistics and aftermarket services.

Its capabilities include electronics manufacturing, printed circuit board assembly, systems integration, mechanical manufacturing, testing, product development and supply-chain management.