Flex (NASDAQ:FLEX) Updates Q4 Earnings Guidance

Flex (NASDAQ:FLEXGet Rating) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.48-0.54 for the period, compared to the consensus earnings per share estimate of $0.51. The company issued revenue guidance of $7.0-7.4 billion, compared to the consensus revenue estimate of $6.97 billion. Flex also updated its FY23 guidance to $2.27-2.33 EPS.

Flex Stock Performance

Shares of FLEX stock traded down $0.18 on Wednesday, reaching $24.36. The stock had a trading volume of 6,212,559 shares, compared to its average volume of 5,766,671. The stock has a market cap of $11.03 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 1.08 and a beta of 1.45. Flex has a 1 year low of $13.63 and a 1 year high of $25.12. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.65 and a current ratio of 1.29. The company has a 50 day simple moving average of $22.07 and a 200 day simple moving average of $19.20.

Flex (NASDAQ:FLEXGet Rating) last released its quarterly earnings results on Wednesday, January 25th. The technology company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $7.76 billion for the quarter, compared to the consensus estimate of $7.51 billion. Flex had a return on equity of 20.33% and a net margin of 2.85%. The company’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. Equities research analysts expect that Flex will post 1.77 EPS for the current year.

Analyst Ratings Changes

Separately, StockNews.com cut Flex from a buy rating to a hold rating in a report on Wednesday, December 28th.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 44,898 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $19.66, for a total transaction of $882,694.68. Following the sale, the insider now directly owns 143,105 shares of the company’s stock, valued at $2,813,444.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Flex news, insider Michael P. Hartung sold 44,898 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $19.66, for a total transaction of $882,694.68. Following the sale, the insider now directly owns 143,105 shares of the company’s stock, valued at $2,813,444.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles K. Stevens III sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $21.69, for a total value of $433,800.00. Following the sale, the director now directly owns 52,380 shares in the company, valued at $1,136,122.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 84,730 shares of company stock valued at $1,734,074. 0.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flex

Several large investors have recently made changes to their positions in the company. Captrust Financial Advisors increased its holdings in shares of Flex by 40.9% in the third quarter. Captrust Financial Advisors now owns 12,987 shares of the technology company’s stock worth $216,000 after purchasing an additional 3,770 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Flex in the third quarter worth about $5,115,000. UBS Asset Management Americas Inc. increased its holdings in shares of Flex by 6.6% in the third quarter. UBS Asset Management Americas Inc. now owns 1,763,246 shares of the technology company’s stock worth $29,376,000 after purchasing an additional 109,681 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Flex by 19.0% in the third quarter. BlackRock Inc. now owns 6,762,532 shares of the technology company’s stock worth $112,664,000 after purchasing an additional 1,077,354 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Flex by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 14,753 shares of the technology company’s stock worth $245,000 after purchasing an additional 556 shares during the last quarter. 95.44% of the stock is owned by institutional investors.

About Flex

(Get Rating)

Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.

Further Reading

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.