Flex (NASDAQ:FLEX – Get Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.27-$2.33 for the period, compared to the consensus estimate of $2.12. The company issued revenue guidance of $29.90 billion-$30.30 billion, compared to the consensus revenue estimate of $27.20 billion. Flex also updated its FY23 guidance to $2.27-2.33 EPS.
Analyst Ratings Changes
Separately, StockNews.com lowered Flex from a buy rating to a hold rating in a report on Wednesday, December 28th.
Get Flex alerts:Flex Stock Down 3.5 %
Shares of FLEX stock traded down $0.86 on Thursday, reaching $23.50. 2,534,406 shares of the company's stock traded hands, compared to its average volume of 5,576,818. The company has a market capitalization of $10.64 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.08 and a beta of 1.45. Flex has a 12-month low of $13.63 and a 12-month high of $25.12. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.65 and a current ratio of 1.29. The business's 50 day moving average price is $22.07 and its two-hundred day moving average price is $19.20.
Flex (NASDAQ:FLEX – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.02. Flex had a return on equity of 20.33% and a net margin of 2.85%. The business 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. The firm's revenue was up 17.2% compared to the same quarter last year. On average, equities analysts forecast that Flex will post 1.77 earnings per share for the current year.Insiders Place Their Bets
In related news, insider Michael P. Hartung sold 3,744 shares of the company's 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 completion of 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 SEC, which is available through this link. In other news, insider Michael P. Hartung sold 44,898 shares of Flex stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $19.66, for a total value of $882,694.68. Following the completion of the sale, the insider now directly owns 143,105 shares in the company, valued at $2,813,444.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael P. Hartung sold 3,744 shares of Flex stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $20.03, for a total transaction of $74,992.32. Following the completion of the transaction, the insider now directly owns 139,361 shares in the company, valued at $2,791,400.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,730 shares of company stock valued at $1,734,074. 0.54% of the stock is currently owned by corporate insiders.
Institutional Trading of Flex
A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Invesco Ltd. lifted its holdings in shares of Flex by 119.3% during the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company's stock worth $195,729,000 after purchasing an additional 5,741,044 shares during the period. BlackRock Inc. lifted its holdings in shares of Flex by 19.0% during the third quarter. BlackRock Inc. now owns 6,762,532 shares of the technology company's stock worth $112,664,000 after purchasing an additional 1,077,354 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Flex by 44.1% during the second quarter. Goldman Sachs Group Inc. now owns 3,075,064 shares of the technology company's stock worth $44,495,000 after purchasing an additional 941,726 shares during the period. LSV Asset Management lifted its holdings in shares of Flex by 1,428.8% during the first quarter. LSV Asset Management now owns 435,700 shares of the technology company's stock worth $8,082,000 after purchasing an additional 407,200 shares during the period. Finally, Two Sigma Advisers LP acquired a new position in shares of Flex during the third quarter worth $5,115,000. Institutional investors own 95.44% of the company's stock.
Flex Company Profile
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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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