Flex (NASDAQ:FLEX) Issues FY 2022 Earnings Guidance

Flex (NASDAQ:FLEXGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.850-$1.900 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.720. The company issued revenue guidance of $25.40 billion-$25.80 billion, compared to the consensus revenue estimate of $23.34 billion.Flex also updated its Q4 2022 guidance to $0.410-$0.460 EPS.

Shares of NASDAQ:FLEX opened at $16.65 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 1.37 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 8.12, a price-to-earnings-growth ratio of 0.62 and a beta of 1.53. Flex has a 52 week low of $14.88 and a 52 week high of $19.50. The firm has a 50 day moving average of $16.92 and a 200 day moving average of $17.49.

Flex (NASDAQ:FLEXGet Rating) last issued its quarterly earnings data on Wednesday, January 26th. The technology company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.35 by $0.13. Flex had a return on equity of 28.60% and a net margin of 3.96%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.31 billion. During the same quarter in the prior year, the business posted $0.41 EPS. On average, sell-side analysts expect that Flex will post 1.62 EPS for the current year.

Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Flex from a hold rating to a strong-buy rating and set a $21.00 price objective for the company in a research report on Friday, April 1st. StockNews.com initiated coverage on Flex in a research report on Thursday, March 31st. They issued a hold rating on the stock. Finally, Craig Hallum cut their target price on shares of Flex from $31.00 to $25.00 in a report on Thursday, January 27th.

In other news, CEO Revathi Advaithi sold 32,367 shares of the firm’s stock in a transaction that occurred on Monday, February 14th. The shares were sold at an average price of $17.08, for a total transaction of $552,828.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.43% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Flex by 6.9% during the 4th quarter. BlackRock Inc. now owns 5,799,581 shares of the technology company’s stock valued at $106,305,000 after acquiring an additional 373,333 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Flex by 15.3% in the fourth quarter. William Blair Investment Management LLC now owns 26,243 shares of the technology company’s stock valued at $481,000 after acquiring an additional 3,482 shares during the last quarter. Forum Financial Management LP acquired a new position in Flex during the 4th quarter worth $374,000. Goldman Sachs Group Inc. grew its holdings in shares of Flex by 9.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,270,505 shares of the technology company’s stock worth $41,618,000 after purchasing an additional 188,308 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in Flex by 10.1% in the 4th quarter. Allianz Asset Management GmbH now owns 5,098,522 shares of the technology company’s stock valued at $93,456,000 after buying an additional 468,605 shares in the last quarter. Institutional investors own 95.93% of the company’s stock.

About Flex (Get Rating)

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 two segments, Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The company provides a portfolio of technologies in electrical/electronics, electromechanical, and software; and cross-industry technologies, including human machine interface, audio and video, system in package, miniaturization, IoT platforms, and power management.

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