Flex (NASDAQ:FLEX) Downgraded by StockNews.com to “Hold”

Flex (NASDAQ:FLEX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus lifted their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays lifted their target price on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Craig Hallum raised their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a research report on Thursday, October 17th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $42.67.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $41.06 on Wednesday. The stock’s fifty day simple moving average is $38.65 and its 200 day simple moving average is $34.04. The stock has a market capitalization of $15.92 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.44 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. Flex has a 52-week low of $21.84 and a 52-week high of $44.45.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares in the company, valued at $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of large investors have recently bought and sold shares of FLEX. JPMorgan Chase & Co. lifted its position in shares of Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after buying an additional 296,505 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in Flex during the third quarter worth approximately $703,000. Wilmington Savings Fund Society FSB acquired a new position in Flex during the third quarter valued at approximately $75,000. TCW Group Inc. raised its position in shares of Flex by 5.8% in the third quarter. TCW Group Inc. now owns 1,811,158 shares of the technology company’s stock valued at $60,547,000 after purchasing an additional 99,409 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in shares of Flex by 13.1% in the third quarter. TD Private Client Wealth LLC now owns 28,835 shares of the technology company’s stock worth $964,000 after buying an additional 3,345 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.