Flex (NASDAQ:FLEX) Stock Price Down 13.8% – Time to Sell?

Flex Ltd. (NASDAQ:FLEX) fell 13.8% on Wednesday. The company traded as low as $75.73 and last traded at $75.9290. Approximately 3,338,002 shares traded hands during trading, a decline of 31% from the average daily volume of 4,867,858 shares. The stock had previously closed at $88.10.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Flex from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Monday. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Bank of America lowered their price objective on Flex from $180.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Finally, Barclays dropped their target price on Flex from $144.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $131.78.

Flex Price Performance

The firm has a market cap of $25.78 billion, a P/E ratio of 25.19, a PEG ratio of 0.36 and a beta of 1.80. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 0.85. The company’s 50-day moving average is $103.26 and its two-hundred day moving average is $103.13.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.06 by $0.12. The company had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. Flex had a net margin of 3.35% and a return on equity of 24.93%. The business’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 EPS. Sell-side analysts anticipate that Flex Ltd. will post 4.52 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael P. Hartung sold 2,755 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider directly owned 243,175 shares in the company, valued at $29,336,632. This represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of institutional investors have recently added to or reduced their stakes in the business. Burkett Financial Services LLC acquired a new position in Flex during the third quarter worth $25,000. Reyes Financial Architecture Inc. bought a new position in shares of Flex in the third quarter valued at $28,000. Rosenberg Matthew Hamilton acquired a new position in shares of Flex during the third quarter valued at about $29,000. Security National Bank of SO Dak acquired a new position in shares of Flex during the second quarter valued at about $89,000. Finally, Signature Equity Partners LLC increased its position in shares of Flex by 56.3% during the third quarter. Signature Equity Partners LLC now owns 605 shares of the technology company’s stock worth $67,000 after acquiring an additional 218 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

About Flex

Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.