Flex Ltd (NASDAQ:FLEX) Expected to Announce Quarterly Sales of $5.55 Billion

Brokerages expect that Flex Ltd (NASDAQ:FLEX) will post sales of $5.55 billion for the current quarter, Zacks reports. Three analysts have made estimates for Flex’s earnings, with estimates ranging from $5.54 billion to $5.56 billion. Flex reported sales of $6.09 billion in the same quarter last year, which would suggest a negative year over year growth rate of 8.9%. The business is expected to report its next quarterly earnings results on Thursday, October 22nd.

On average, analysts expect that Flex will report full-year sales of $22.29 billion for the current year, with estimates ranging from $22.07 billion to $22.55 billion. For the next fiscal year, analysts expect that the firm will post sales of $23.05 billion, with estimates ranging from $22.36 billion to $23.76 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Flex.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 30th. The technology company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.06. Flex had a net margin of 0.41% and a return on equity of 3.29%. The business had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.01 billion.

Several research firms have recently commented on FLEX. BidaskClub raised shares of Flex from a “strong sell” rating to a “sell” rating in a report on Thursday, September 17th. Zacks Investment Research lowered shares of Flex from a “hold” rating to a “strong sell” rating and set a $9.50 target price for the company. in a research note on Tuesday. Finally, Citigroup boosted their target price on shares of Flex from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $11.90.

Several hedge funds have recently added to or reduced their stakes in the business. Logan Capital Management Inc. raised its position in shares of Flex by 1.6% during the 2nd quarter. Logan Capital Management Inc. now owns 70,262 shares of the technology company’s stock worth $720,000 after buying an additional 1,095 shares in the last quarter. MML Investors Services LLC raised its holdings in shares of Flex by 12.5% in the 1st quarter. MML Investors Services LLC now owns 13,488 shares of the technology company’s stock worth $113,000 after purchasing an additional 1,497 shares in the last quarter. Evoke Wealth LLC bought a new stake in shares of Flex in the 2nd quarter worth approximately $28,000. Raymond James & Associates raised its holdings in shares of Flex by 1.6% in the 2nd quarter. Raymond James & Associates now owns 190,267 shares of the technology company’s stock worth $1,950,000 after purchasing an additional 3,077 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Flex by 1.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 192,911 shares of the technology company’s stock worth $1,977,000 after purchasing an additional 3,500 shares in the last quarter. Institutional investors own 95.47% of the company’s stock.

Shares of NASDAQ FLEX traded down $0.04 during midday trading on Tuesday, hitting $10.89. The company’s stock had a trading volume of 1,782,627 shares, compared to its average volume of 4,851,183. Flex has a 1-year low of $5.36 and a 1-year high of $14.00. The firm’s fifty day moving average price is $10.82 and its 200-day moving average price is $9.91. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.89 and a current ratio of 1.41. The firm has a market cap of $5.45 billion, a P/E ratio of 57.32, a P/E/G ratio of 1.84 and a beta of 1.76.

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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