$6.27 Billion in Sales Expected for Flex Ltd (NASDAQ:FLEX) This Quarter

Equities analysts expect Flex Ltd (NASDAQ:FLEX) to post $6.27 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Flex’s earnings, with the highest sales estimate coming in at $6.30 billion and the lowest estimate coming in at $6.20 billion. Flex reported sales of $6.71 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 6.6%. The firm is scheduled to announce its next earnings report after the market closes on Thursday, October 24th.

According to Zacks, analysts expect that Flex will report full year sales of $25.07 billion for the current year, with estimates ranging from $24.78 billion to $25.27 billion. For the next financial year, analysts expect that the firm will post sales of $25.98 billion, with estimates ranging from $25.84 billion to $26.12 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Flex.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, July 25th. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.11). The firm had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.25 billion. Flex had a net margin of 0.09% and a return on equity of 0.73%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share.

Several equities analysts recently commented on FLEX shares. Zacks Investment Research upgraded shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 price target on the stock in a report on Wednesday, September 25th. BidaskClub upgraded shares of Flex from a “sell” rating to a “hold” rating in a report on Friday. Finally, ValuEngine downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, October 4th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Flex presently has a consensus rating of “Hold” and an average target price of $10.19.

NASDAQ:FLEX traded up $0.46 during mid-day trading on Wednesday, hitting $10.43. 6,090,342 shares of the stock traded hands, compared to its average volume of 5,894,975. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 57.94, a PEG ratio of 1.32 and a beta of 1.84. Flex has a 52 week low of $6.74 and a 52 week high of $12.54. The firm’s 50 day moving average is $10.21 and its two-hundred day moving average is $10.16. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 1.17.

A number of institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its position in Flex by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 21,925,054 shares of the technology company’s stock valued at $209,822,000 after buying an additional 1,441,216 shares during the period. FMR LLC boosted its position in Flex by 71.7% in the 1st quarter. FMR LLC now owns 17,803,429 shares of the technology company’s stock valued at $178,034,000 after buying an additional 7,437,416 shares during the period. Lyrical Asset Management LP boosted its position in Flex by 1.4% in the 2nd quarter. Lyrical Asset Management LP now owns 17,753,976 shares of the technology company’s stock valued at $169,906,000 after buying an additional 240,106 shares during the period. D. E. Shaw & Co. Inc. boosted its position in Flex by 7.6% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 17,331,085 shares of the technology company’s stock valued at $165,859,000 after buying an additional 1,223,008 shares during the period. Finally, Iridian Asset Management LLC CT boosted its position in Flex by 46.7% in the 2nd quarter. Iridian Asset Management LLC CT now owns 16,315,248 shares of the technology company’s stock valued at $156,137,000 after buying an additional 5,190,929 shares during the period. 93.69% of the stock is owned by institutional investors.

Flex Company Profile

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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