Flex (NASDAQ:FLEX) Trading Down 4% – What’s Next?

Flex Ltd. (NASDAQ:FLEX) dropped 4% during trading on Thursday . The company traded as low as $63.25 and last traded at $63.96. Approximately 999,864 shares changed hands during trading, a decline of 68% from the average daily volume of 3,128,448 shares. The stock had previously closed at $66.60.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLEX. Jefferies Financial Group reissued a “hold” rating and issued a $23.00 price objective on shares of Flex in a research note on Wednesday, November 12th. The Goldman Sachs Group boosted their price objective on Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Argus set a $85.00 target price on shares of Flex in a report on Friday, October 31st. JPMorgan Chase & Co. upped their price target on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Barclays decreased their price objective on shares of Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a research note on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.11.

Flex Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The firm has a fifty day simple moving average of $62.44 and a 200 day simple moving average of $58.36. The company has a market capitalization of $23.59 billion, a PE ratio of 28.22, a P/E/G ratio of 1.72 and a beta of 1.24.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $62.21, for a total value of $933,150.00. Following the completion of the sale, the insider directly owned 211,198 shares of the company’s stock, valued at $13,138,627.58. This represents a 6.63% 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, CAO Daniel Wendler sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the transaction, the chief accounting officer directly owned 27,619 shares in the company, valued at $1,987,739.43. This trade represents a 26.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 128,906 shares of company stock valued at $7,904,439 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FLEX. Fulton Bank N.A. grew its position in shares of Flex by 0.3% in the 3rd quarter. Fulton Bank N.A. now owns 49,904 shares of the technology company’s stock worth $2,893,000 after buying an additional 167 shares during the last quarter. Diversified Trust Co grew its holdings in Flex by 2.4% in the third quarter. Diversified Trust Co now owns 7,697 shares of the technology company’s stock worth $446,000 after purchasing an additional 179 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Flex by 5.3% during the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after purchasing an additional 181 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Flex by 1.2% during the 3rd quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock valued at $1,144,000 after purchasing an additional 225 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Flex by 3.4% in the 3rd quarter. Modera Wealth Management LLC now owns 7,011 shares of the technology company’s stock worth $406,000 after purchasing an additional 231 shares in the last quarter. 94.30% of the stock is owned by 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.