Flex Ltd (NASDAQ:FLEX) Expected to Announce Quarterly Sales of $6.13 Billion

Equities research analysts forecast that Flex Ltd (NASDAQ:FLEX) will announce $6.13 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Flex’s earnings, with the highest sales estimate coming in at $6.16 billion and the lowest estimate coming in at $6.08 billion. Flex posted sales of $6.94 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 11.7%. The business is expected to announce its next quarterly earnings results on Wednesday, January 29th.

According to Zacks, analysts expect that Flex will report full year sales of $24.38 billion for the current financial year, with estimates ranging from $24.34 billion to $24.45 billion. For the next financial year, analysts expect that the firm will report sales of $25.30 billion, with estimates ranging from $25.11 billion to $25.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Flex.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.39. The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $6.29 billion. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The firm’s revenue was down 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share.

Several brokerages recently weighed in on FLEX. 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 research report on Wednesday, September 25th. ValuEngine lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, BidaskClub raised shares of Flex from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $10.58.

Shares of FLEX traded up $0.01 on Thursday, reaching $11.84. The company’s stock had a trading volume of 2,767,800 shares, compared to its average volume of 6,008,127. The stock’s 50 day simple moving average is $10.65 and its two-hundred day simple moving average is $10.21. Flex has a 12-month low of $7.16 and a 12-month high of $12.54. The stock has a market capitalization of $5.99 billion, a P/E ratio of 65.78, a PEG ratio of 2.19 and a beta of 1.85. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.26 and a quick ratio of 0.76.

In other Flex news, CFO Christopher Collier sold 35,000 shares of Flex stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $11.72, for a total transaction of $410,200.00. Following the completion of the transaction, the chief financial officer now directly owns 1,214,143 shares of the company’s stock, valued at $14,229,755.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Shine Investment Advisory Services Inc. boosted its stake in shares of Flex by 33.6% during the second quarter. Shine Investment Advisory Services Inc. now owns 4,071 shares of the technology company’s stock valued at $39,000 after purchasing an additional 1,024 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Flex by 1.3% during the third quarter. CIBC Private Wealth Group LLC now owns 96,329 shares of the technology company’s stock valued at $1,009,000 after purchasing an additional 1,203 shares during the period. Comerica Bank boosted its stake in shares of Flex by 2.3% during the third quarter. Comerica Bank now owns 55,102 shares of the technology company’s stock valued at $573,000 after purchasing an additional 1,216 shares during the period. Cerebellum GP LLC boosted its stake in shares of Flex by 4.0% during the third quarter. Cerebellum GP LLC now owns 38,742 shares of the technology company’s stock valued at $405,000 after purchasing an additional 1,473 shares during the period. Finally, World Asset Management Inc boosted its stake in shares of Flex by 6.4% during the second quarter. World Asset Management Inc now owns 25,567 shares of the technology company’s stock valued at $245,000 after purchasing an additional 1,536 shares during the period. 93.73% of the stock is owned by institutional investors.

About Flex

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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