Zacks Research Downgrades Flex (NASDAQ:FLEX) to Hold

Flex (NASDAQ:FLEX) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on FLEX. KeyCorp boosted their target price on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Flex in a research report on Monday. The Goldman Sachs Group upped their target price on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $23.00 target price on shares of Flex in a report on Wednesday, November 12th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Flex Stock Down 1.4%

FLEX opened at $61.67 on Monday. The firm has a market capitalization of $22.80 billion, a P/E ratio of 27.29, a price-to-earnings-growth ratio of 1.66 and a beta of 1.26. Flex has a one year low of $25.11 and a one year high of $72.22. The company has a fifty day moving average price of $62.40 and a 200-day moving average price of $56.63. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

Insider Activity

In related news, insider Michael P. Hartung sold 15,000 shares of Flex stock in a transaction dated 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 transaction, the insider directly owned 241,198 shares of the company’s stock, valued at approximately $15,499,383.48. The trade was a 5.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the director owned 58,561 shares in the company, valued at approximately $3,396,538. The trade was a 14.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 107,500 shares of company stock worth $6,593,750. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its holdings in Flex by 16.7% during the 1st quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock worth $159,243,000 after buying an additional 690,611 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Flex by 16.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock valued at $103,714,000 after acquiring an additional 453,455 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Flex during the 2nd quarter worth about $351,000. Amundi increased its holdings in shares of Flex by 8.1% during the 1st quarter. Amundi now owns 643,315 shares of the technology company’s stock worth $21,281,000 after purchasing an additional 48,322 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Flex during the 1st quarter worth about $1,635,000. 94.30% of the stock is currently owned by hedge funds and other 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.