Wall Street analysts predict that Flex Ltd (NASDAQ:FLEX) will post $6.81 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Flex’s earnings. The lowest sales estimate is $6.77 billion and the highest is $6.83 billion. Flex posted sales of $6.27 billion during the same quarter last year, which suggests a positive year over year growth rate of 8.6%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, October 25th.
According to Zacks, analysts expect that Flex will report full-year sales of $27.72 billion for the current financial year, with estimates ranging from $27.54 billion to $27.86 billion. For the next financial year, analysts forecast that the business will report sales of $29.58 billion, with estimates ranging from $29.31 billion to $30.05 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Flex.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 26th. The technology company reported $0.24 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.24. Flex had a net margin of 1.62% and a return on equity of 14.02%. The business had revenue of $6.42 billion during the quarter, compared to analyst estimates of $6.50 billion. During the same period in the prior year, the business earned $0.24 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis.
FLEX has been the subject of several research reports. Standpoint Research upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Monday, June 18th. Zacks Investment Research upgraded shares of Flex from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. BidaskClub lowered shares of Flex from a “sell” rating to a “strong sell” rating in a report on Friday, August 31st. Finally, ValuEngine lowered shares of Flex from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $19.61.
In related news, President Douglas Britt sold 56,784 shares of the stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $15.00, for a total value of $851,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Francois Barbier sold 70,278 shares of the stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $14.03, for a total transaction of $986,000.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,769 shares of company stock valued at $1,847,845. 0.88% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board increased its stake in shares of Flex by 2,570.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock worth $21,064,000 after acquiring an additional 1,436,925 shares in the last quarter. Clearline Capital LP purchased a new stake in Flex during the 2nd quarter valued at about $4,738,000. Maplelane Capital LLC grew its position in Flex by 29.0% during the 2nd quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock valued at $14,565,000 after purchasing an additional 232,258 shares during the last quarter. AT Bancorp purchased a new stake in Flex during the 2nd quarter valued at about $556,000. Finally, Standard Life Aberdeen plc grew its position in Flex by 22.6% during the 2nd quarter. Standard Life Aberdeen plc now owns 154,472 shares of the technology company’s stock valued at $2,181,000 after purchasing an additional 28,474 shares during the last quarter. Institutional investors own 91.49% of the company’s stock.
Shares of NASDAQ FLEX opened at $11.98 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.24 and a quick ratio of 0.73. Flex has a 12 month low of $11.69 and a 12 month high of $19.71. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 0.64 and a beta of 0.87.
Flex declared that its Board of Directors has initiated a stock buyback program on Tuesday, August 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 6.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
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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