A number of other analysts have also commented on FLEX. Zacks Investment Research lowered Flex from a buy rating to a hold rating in a report on Monday, July 2nd. BidaskClub lowered Flex from a sell rating to a strong sell rating in a report on Wednesday, August 1st. ValuEngine lowered Flex from a hold rating to a sell rating in a report on Saturday, October 6th. Needham & Company LLC lowered Flex from a buy rating to a hold rating in a report on Friday. Finally, Goldman Sachs Group lowered Flex from a buy rating to a neutral rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and an average target price of $18.50.
FLEX stock traded up $0.50 during trading on Monday, reaching $7.44. 582,269 shares of the stock were exchanged, compared to its average volume of 8,479,654. Flex has a twelve month low of $6.74 and a twelve month high of $19.71. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24. The company has a market cap of $3.78 billion, a P/E ratio of 9.10, a price-to-earnings-growth ratio of 0.35 and a beta of 0.87.
Flex announced that its Board of Directors has approved a share repurchase program on Tuesday, August 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 6.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other Flex news, insider Francois Barbier sold 70,278 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $14.03, for a total transaction of $986,000.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 70,678 shares of company stock valued at $991,332 over the last three months. Corporate insiders own 0.88% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Point View Wealth Management Inc. grew its holdings in shares of Flex by 10.3% in the second quarter. Point View Wealth Management Inc. now owns 40,712 shares of the technology company’s stock valued at $574,000 after acquiring an additional 3,789 shares in the last quarter. Xact Kapitalforvaltning AB grew its holdings in shares of Flex by 4.0% in the second quarter. Xact Kapitalforvaltning AB now owns 107,032 shares of the technology company’s stock valued at $1,510,000 after acquiring an additional 4,165 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Flex by 8.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 55,377 shares of the technology company’s stock valued at $781,000 after acquiring an additional 4,245 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of Flex by 12.5% in the second quarter. Independent Advisor Alliance now owns 38,745 shares of the technology company’s stock valued at $542,000 after acquiring an additional 4,299 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Flex by 30.7% in the second quarter. Jane Street Group LLC now owns 18,324 shares of the technology company’s stock valued at $259,000 after acquiring an additional 4,304 shares in the last quarter. 91.90% of the stock is owned by institutional investors.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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