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 EPS guidance of $1.850-$1.900 for the period, compared to the Thomson Reuters consensus EPS 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 $17.20 on Wednesday. The business’s 50-day moving average price is $16.89 and its two-hundred day moving average price is $17.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.37 and a quick ratio of 0.75. Flex has a one year low of $14.88 and a one year high of $19.50. The company has a market capitalization of $7.98 billion, a P/E ratio of 8.39, a price-to-earnings-growth ratio of 0.63 and a beta of 1.53.

Flex (NASDAQ:FLEXGet Rating) last announced its quarterly earnings results on Wednesday, January 26th. The technology company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.13. Flex had a return on equity of 28.60% and a net margin of 3.96%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6.31 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, equities analysts anticipate that Flex will post 1.62 EPS for the current year.

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

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Flex by 6.9% during the 4th quarter. BlackRock Inc. now owns 5,799,581 shares of the technology company’s stock worth $106,305,000 after acquiring an additional 373,333 shares during the last quarter. Allianz Asset Management GmbH grew its position in Flex by 10.1% during the 4th quarter. Allianz Asset Management GmbH now owns 5,098,522 shares of the technology company’s stock worth $93,456,000 after acquiring an additional 468,605 shares during the last quarter. Goldman Sachs Group Inc. grew its position in 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 acquiring an additional 188,308 shares during the last quarter. Barclays PLC grew its position in Flex by 48.6% during the 4th quarter. Barclays PLC now owns 682,737 shares of the technology company’s stock worth $12,513,000 after acquiring an additional 223,251 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in Flex by 3.9% during the 4th quarter. Parametric Portfolio Associates LLC now owns 541,978 shares of the technology company’s stock worth $9,934,000 after acquiring an additional 20,389 shares during the last quarter. Institutional investors and hedge funds own 95.93% of the company’s stock.

Flex Company Profile (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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