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Flex (NASDAQ:FLEX) Issues FY23 Earnings Guidance

Financial News Live · Jan 25, 2023 21:14

Flex (NASDAQ:FLEX – Get Rating) issued an update on its FY23 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.27-2.33 for the period, compared to the consensus EPS estimate of $2.30. The company issued revenue guidance of $29.9-30.3 billion, compared to the consensus revenue estimate of $29.62 billion. Flex also updated its Q4 guidance to $0.48-0.54 EPS.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Flex from a buy rating to a hold rating in a research note on Wednesday, December 28th.

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Flex Stock Down 0.7 %

NASDAQ:FLEX traded down $0.18 during midday trading on Wednesday, hitting $24.36. 6,212,559 shares of the company were exchanged, compared to its average volume of 5,766,671. The company has a fifty day simple moving average of $22.07 and a 200 day simple moving average of $19.20. Flex has a fifty-two week low of $13.63 and a fifty-two week high of $25.12. The company has a current ratio of 1.29, a quick ratio of 0.65 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $11.03 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.08 and a beta of 1.45.

Flex (NASDAQ:FLEX – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The technology company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The firm had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.51 billion. Flex had a net margin of 2.85% and a return on equity of 20.33%. Flex's revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period last year, the business earned $0.48 EPS. As a group, equities analysts anticipate that Flex will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 3,744 shares of Flex stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $20.03, for a total value of $74,992.32. Following the transaction, the insider now directly owns 139,361 shares in the company, valued at $2,791,400.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Flex news, insider Michael P. Hartung sold 3,744 shares of Flex stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $20.03, for a total value of $74,992.32. Following the transaction, the insider now directly owns 139,361 shares in the company, valued at $2,791,400.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles K. Stevens III sold 20,000 shares of Flex stock in a transaction on Monday, December 5th. The shares were sold at an average price of $21.69, for a total transaction of $433,800.00. Following the completion of the transaction, the director now owns 52,380 shares in the company, valued at $1,136,122.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,730 shares of company stock worth $1,734,074. 0.54% of the stock is owned by company insiders.

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently made changes to their positions in FLEX. Invesco Ltd. boosted its holdings in shares of Flex by 119.3% in the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company's stock valued at $195,729,000 after acquiring an additional 5,741,044 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Flex by 19.0% in the third quarter. BlackRock Inc. now owns 6,762,532 shares of the technology company's stock valued at $112,664,000 after acquiring an additional 1,077,354 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Flex by 44.1% in the second quarter. Goldman Sachs Group Inc. now owns 3,075,064 shares of the technology company's stock valued at $44,495,000 after acquiring an additional 941,726 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Flex by 1,428.8% in the first quarter. LSV Asset Management now owns 435,700 shares of the technology company's stock valued at $8,082,000 after acquiring an additional 407,200 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Flex in the third quarter valued at about $5,115,000. Hedge funds and other 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.