Analysts forecast that Flex Ltd (NASDAQ:FLEX) will announce sales of $6.26 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Flex’s earnings, with the highest sales estimate coming in at $6.29 billion and the lowest estimate coming in at $6.25 billion. Flex posted sales of $5.86 billion during the same quarter last year, which would indicate a positive year over year growth rate of 6.8%. The business is expected to announce its next quarterly earnings results on Thursday, April 26th.
On average, analysts expect that Flex will report full-year sales of $6.26 billion for the current financial year, with estimates ranging from $24.84 billion to $25.32 billion. For the next year, analysts anticipate that the firm will report sales of $26.28 billion per share, with estimates ranging from $25.74 billion to $26.80 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Flex.
Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, January 25th. The technology company reported $0.31 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.31. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.50 billion. Flex had a net margin of 2.15% and a return on equity of 20.44%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.34 earnings per share.
Several research firms have recently weighed in on FLEX. BidaskClub downgraded shares of Flex from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. ValuEngine upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, January 30th. Stifel Nicolaus lifted their target price on shares of Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Bank of America lifted their target price on shares of Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Finally, Needham & Company LLC lifted their target price on shares of Flex from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $20.56.
In related news, Director William D. Watkins sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $17.73, for a total transaction of $159,570.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Scott Offer sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $17.71, for a total transaction of $796,950.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,597 shares of company stock valued at $1,200,042. 0.83% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of FLEX. American Century Companies Inc. grew its stake in Flex by 85.5% during the fourth quarter. American Century Companies Inc. now owns 3,724,973 shares of the technology company’s stock valued at $67,012,000 after acquiring an additional 1,716,866 shares in the last quarter. Iridian Asset Management LLC CT grew its stake in Flex by 12.7% during the fourth quarter. Iridian Asset Management LLC CT now owns 14,406,912 shares of the technology company’s stock valued at $259,180,000 after acquiring an additional 1,628,669 shares in the last quarter. Corsair Capital Management L.P. purchased a new position in Flex during the fourth quarter valued at approximately $20,383,000. Brenner West Capital Advisors LP purchased a new position in Flex during the fourth quarter valued at approximately $19,762,000. Finally, Daiwa Securities Group Inc. grew its stake in Flex by 5,418.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 921,573 shares of the technology company’s stock valued at $16,578,000 after acquiring an additional 904,873 shares in the last quarter. 98.08% of the stock is owned by institutional investors.
Flex (NASDAQ:FLEX) traded up $0.02 on Wednesday, hitting $17.84. 4,037,594 shares of the stock traded hands, compared to its average volume of 4,550,000. The stock has a market capitalization of $9,410.00, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 0.98 and a beta of 0.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.22 and a quick ratio of 0.72. Flex has a 52-week low of $14.70 and a 52-week high of $19.71.
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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