Flex Ltd. (NASDAQ:FLEX) Expected to Announce Earnings of $0.37 Per Share

Brokerages expect that Flex Ltd. (NASDAQ:FLEX) will post earnings of $0.37 per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Flex’s earnings. The highest EPS estimate is $0.38 and the lowest is $0.37. Flex posted earnings per share of $0.23 during the same quarter last year, which would suggest a positive year over year growth rate of 60.9%. The business is expected to announce its next earnings results on Thursday, July 29th.

According to Zacks, analysts expect that Flex will report full year earnings of $1.70 per share for the current fiscal year, with EPS estimates ranging from $1.68 to $1.70. For the next year, analysts forecast that the company will post earnings of $1.88 per share, with EPS estimates ranging from $1.82 to $1.93. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that that provide coverage for Flex.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 5th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.13. Flex had a net margin of 2.54% and a return on equity of 19.04%. The business had revenue of $6.27 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis.

FLEX has been the topic of several research analyst reports. Craig Hallum lifted their price target on Flex from $24.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, February 17th. Zacks Investment Research cut shares of Flex from a “buy” rating to a “hold” rating and set a $19.00 price target for the company. in a research note on Monday, May 3rd. JPMorgan Chase & Co. upgraded shares of Flex from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $21.00 to $22.00 in a research note on Friday, February 26th. Citigroup increased their target price on shares of Flex from $22.00 to $25.00 in a research note on Friday, May 7th. Finally, Cross Research upgraded Flex from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Thursday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $22.63.

In other news, CAO David P. Bennett sold 6,522 shares of the company’s stock in a transaction on Friday, June 4th. The shares were sold at an average price of $18.87, for a total transaction of $123,070.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 9,016 shares of the stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $18.87, for a total transaction of $170,131.92. The disclosure for this sale can be found here. Insiders sold a total of 85,030 shares of company stock worth $1,604,516 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC acquired a new stake in Flex in the fourth quarter valued at $27,000. Sowell Financial Services LLC raised its position in Flex by 104.8% during the first quarter. Sowell Financial Services LLC now owns 2,988 shares of the technology company’s stock worth $54,000 after acquiring an additional 1,529 shares during the last quarter. Nkcfo LLC acquired a new stake in Flex during the 1st quarter valued at $73,000. Sit Investment Associates Inc. acquired a new position in shares of Flex in the first quarter worth $73,000. Finally, Tompkins Financial Corp purchased a new stake in Flex during the 4th quarter worth about $80,000. Institutional investors and hedge funds own 93.45% of the company’s stock.

Shares of FLEX traded down $0.04 during midday trading on Friday, reaching $18.49. 47,242 shares of the stock were exchanged, compared to its average volume of 4,884,936. Flex has a twelve month low of $9.53 and a twelve month high of $20.04. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.45 and a quick ratio of 0.95. The stock has a market cap of $9.07 billion, a P/E ratio of 15.39, a price-to-earnings-growth ratio of 1.13 and a beta of 1.59. The firm has a 50-day simple moving average of $18.13.

About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through High Reliability Solutions, Industrial and Emerging Industries, Communications & Enterprise Compute, and Consumer Technologies Group segments.

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