Flex (NASDAQ:FLEX – Get Rating) posted its quarterly earnings results on Wednesday. The technology company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.02, RTT News reports. Flex had a return on equity of 20.33% and a net margin of 2.85%. The company had revenue of $7.76 billion during the quarter, compared to analysts' expectations of $7.51 billion. During the same quarter in the previous year, the firm earned $0.48 EPS. Flex's revenue was up 17.2% on a year-over-year basis. Flex updated its Q4 guidance to $0.48-0.54 EPS and its FY23 guidance to $2.27-2.33 EPS.
Flex Price Performance
FLEX stock traded down $0.18 during midday trading on Wednesday, reaching $24.36. 6,212,559 shares of the stock were exchanged, compared to its average volume of 5,766,671. The stock has a market capitalization of $11.03 billion, a PE ratio of 14.00, a P/E/G ratio of 1.08 and a beta of 1.45. Flex has a 52 week low of $13.63 and a 52 week high of $25.12. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.29 and a quick ratio of 0.65. The company has a fifty day moving average price of $22.07 and a 200 day moving average price of $19.20.
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Analyst Ratings Changes
Separately, StockNews.com cut Flex from a "buy" rating to a "hold" rating in a report on Wednesday, December 28th.
Insider Buying and Selling
In related news, insider Michael P. Hartung sold 1,728 shares of the business's stock in a transaction on Friday, November 25th. The stock was sold at an average price of $21.00, for a total transaction of $36,288.00. Following the sale, the insider now owns 123,481 shares in the company, valued at approximately $2,593,101. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at
this hyperlink. In other Flex news, insider Michael P. Hartung sold 3,744 shares of the company's stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $20.03, for a total value of $74,992.32. Following the sale, the insider now owns 139,361 shares in the company, valued at approximately $2,791,400.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at
this link. Also, insider Michael P. Hartung sold 1,728 shares of the company's stock in a transaction dated Friday, November 25th. The shares were sold at an average price of $21.00, for a total value of $36,288.00. Following the completion of the sale, the insider now owns 123,481 shares in the company, valued at approximately $2,593,101. The disclosure for this sale can be found
here. Insiders have sold 84,730 shares of company stock worth $1,734,074 in the last 90 days. Insiders own 0.54% of the company's stock.
Institutional Investors Weigh In On Flex
Institutional investors have recently made changes to their positions in the stock. Covestor Ltd grew its position in shares of Flex by 130.7% in the 1st quarter. Covestor Ltd now owns 5,137 shares of the technology company's stock valued at $95,000 after buying an additional 2,910 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of Flex by 8.9% during the 2nd quarter. Captrust Financial Advisors now owns 9,593 shares of the technology company's stock valued at $139,000 after purchasing an additional 780 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Flex during the 2nd quarter valued at about $158,000. Natixis Advisors L.P. bought a new stake in shares of Flex during the 1st quarter valued at about $201,000. Finally, Prelude Capital Management LLC bought a new stake in shares of Flex during the 2nd quarter valued at about $204,000. Institutional investors own 95.44% of the company's stock.
About Flex
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Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.
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