Flex Ltd (NASDAQ:FLEX) Expected to Post Quarterly Sales of $5.58 Billion

Wall Street brokerages expect Flex Ltd (NASDAQ:FLEX) to report sales of $5.58 billion for the current quarter, Zacks reports. Three analysts have provided estimates for Flex’s earnings. The lowest sales estimate is $5.42 billion and the highest is $5.83 billion. Flex posted sales of $6.23 billion during the same quarter last year, which would indicate a negative year over year growth rate of 10.4%. The business is scheduled to issue its next earnings report on Tuesday, May 5th.

On average, analysts expect that Flex will report full year sales of $24.30 billion for the current fiscal year, with estimates ranging from $24.14 billion to $24.55 billion. For the next financial year, analysts anticipate that the business will report sales of $23.41 billion, with estimates ranging from $20.85 billion to $25.15 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Flex.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, January 30th. The technology company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. Flex had a negative return on equity of 0.86% and a negative net margin of 0.10%. The company had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. The firm’s revenue was down 6.7% compared to the same quarter last year.

FLEX has been the topic of a number of recent research reports. Goldman Sachs Group upped their price objective on Flex from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Citigroup cut their price objective on Flex from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. BidaskClub lowered Flex from a “sell” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. lowered Flex from an “overweight” rating to a “neutral” rating in a research report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.94.

Shares of Flex stock traded up $0.46 during trading hours on Monday, reaching $8.87. 7,492,500 shares of the company were exchanged, compared to its average volume of 5,399,104. Flex has a 1 year low of $5.36 and a 1 year high of $14.00. The stock’s fifty day moving average is $10.90 and its 200 day moving average is $11.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.75 and a current ratio of 1.24. The firm has a market cap of $3.86 billion, a PE ratio of -221.75, a PEG ratio of 2.09 and a beta of 1.86.

In related news, CAO David P. Bennett sold 19,000 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $12.66, for a total value of $240,540.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Revathi Advaithi sold 22,554 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $13.49, for a total value of $304,253.46. The disclosure for this sale can be found here. Insiders sold 195,256 shares of company stock worth $2,561,285 in the last three months. 0.42% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of FLEX. Russell Investments Group Ltd. increased its holdings in Flex by 4.9% in the third quarter. Russell Investments Group Ltd. now owns 76,716 shares of the technology company’s stock valued at $797,000 after buying an additional 3,562 shares during the last quarter. Boston Partners increased its holdings in Flex by 0.6% in the third quarter. Boston Partners now owns 14,034,252 shares of the technology company’s stock valued at $146,970,000 after buying an additional 83,667 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of Flex by 14.0% during the third quarter. Stifel Financial Corp now owns 53,826 shares of the technology company’s stock worth $558,000 after purchasing an additional 6,604 shares during the last quarter. Pictet Asset Management Ltd. grew its holdings in shares of Flex by 1.0% during the third quarter. Pictet Asset Management Ltd. now owns 177,098 shares of the technology company’s stock worth $1,853,000 after purchasing an additional 1,700 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Flex by 7.5% during the third quarter. California State Teachers Retirement System now owns 42,565 shares of the technology company’s stock worth $445,000 after purchasing an additional 2,962 shares during the last quarter. 95.46% of the stock is currently owned by hedge funds and other 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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