Flex (NASDAQ:FLEX) Updates Q2 Earnings Guidance

Flex (NASDAQ:FLEX) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.25-0.31 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.24. The company issued revenue guidance of $5.4-5.7 billion, compared to the consensus revenue estimate of $5.42 billion.Flex also updated its Q2 2021
After-Hours guidance to 0.25-0.31 EPS.

A number of equities research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Flex from a sell rating to a hold rating in a research note on Thursday, July 16th. Royal Bank of Canada restated a hold rating and issued a $9.00 target price on shares of Flex in a research report on Wednesday, May 6th. Cfra decreased their price objective on shares of Flex from $15.00 to $12.00 and set a hold rating for the company in a report on Monday, May 11th. Finally, Citigroup upped their price target on shares of Flex from $13.00 to $15.00 and gave the company a buy rating in a research report on Friday. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Flex has a consensus rating of Hold and a consensus price target of $11.75.

Shares of NASDAQ FLEX traded down $0.16 during trading on Friday, reaching $11.49. The company had a trading volume of 7,714,194 shares, compared to its average volume of 2,990,709. Flex has a 52 week low of $5.36 and a 52 week high of $14.00. The stock has a market cap of $5.72 billion, a PE ratio of 60.47, a PEG ratio of 1.21 and a beta of 1.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.74 and a current ratio of 1.26. The business’s 50 day moving average price is $10.42 and its 200-day moving average price is $10.45.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, July 30th. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Flex had a net margin of 0.41% and a return on equity of 3.32%. Equities analysts anticipate that Flex will post 0.87 earnings per share for the current year.

In other Flex news, CFO Christopher Collier sold 12,085 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $10.20, for a total transaction of $123,267.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 2,647 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $10.50, for a total transaction of $27,793.50. Following the sale, the chief accounting officer now owns 173,176 shares in the company, valued at $1,818,348. The disclosure for this sale can be found here. In the last three months, insiders sold 209,392 shares of company stock worth $2,197,043. 0.56% of the stock is currently owned by insiders.

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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