Flex (NASDAQ:FLEX) Issues Q4 Earnings Guidance

Flex (NASDAQ:FLEXGet Rating) updated its fourth quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.48-0.54 for the period, compared to the consensus EPS estimate of $0.51. The company issued revenue guidance of $7.0-7.4 billion, compared to the consensus revenue estimate of $6.97 billion. Flex also updated its FY23 guidance to $2.27-2.33 EPS.

Flex Stock Down 0.7 %

NASDAQ:FLEX traded down $0.18 during trading hours on Wednesday, reaching $24.36. The company’s stock had a trading volume of 6,212,559 shares, compared to its average volume of 5,766,671. The company has a market capitalization of $11.03 billion, a P/E ratio of 14.00, 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 stock has a 50 day moving average price of $22.07 and a two-hundred day moving average price of $19.20.

Flex (NASDAQ:FLEXGet Rating) last issued its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $7.76 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $0.48 earnings per share. Equities analysts predict that Flex will post 1.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 44,898 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $19.66, for a total transaction of $882,694.68. Following the transaction, the insider now directly owns 143,105 shares of the company’s stock, valued at $2,813,444.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Michael P. Hartung sold 44,898 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $19.66, for a total transaction of $882,694.68. Following the transaction, the insider now directly owns 143,105 shares of the company’s stock, valued at $2,813,444.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 1,896 shares of the business’s stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $21.00, for a total transaction of $39,816.00. Following the sale, the insider now directly owns 125,209 shares in the company, valued at $2,629,389. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,730 shares of company stock valued at $1,734,074. Corporate insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Flex

Large investors have recently made changes to their positions in the stock. XTX Topco Ltd grew its holdings in shares of Flex by 22.4% during the first quarter. XTX Topco Ltd now owns 19,090 shares of the technology company’s stock valued at $354,000 after buying an additional 3,498 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Flex by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 14,753 shares of the technology company’s stock valued at $245,000 after purchasing an additional 556 shares during the last quarter. Delphia USA Inc. purchased a new stake in Flex in the first quarter valued at $240,000. Mariner LLC boosted its holdings in Flex by 14.3% in the first quarter. Mariner LLC now owns 12,832 shares of the technology company’s stock valued at $238,000 after purchasing an additional 1,607 shares during the last quarter. Finally, Laurel Wealth Advisors Inc. boosted its holdings in Flex by 7.7% in the first quarter. Laurel Wealth Advisors Inc. now owns 12,698 shares of the technology company’s stock valued at $235,000 after purchasing an additional 906 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Flex Company Profile

(Get Rating)

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.

Further Reading

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.