Analysts Anticipate Flex Ltd (NASDAQ:FLEX) Will Post Quarterly Sales of $5.58 Billion

Equities research analysts expect Flex Ltd (NASDAQ:FLEX) to announce sales of $5.58 billion for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Flex’s earnings, with the highest sales estimate coming in at $5.83 billion and the lowest estimate coming in at $5.42 billion. Flex posted sales of $6.23 billion in the same quarter last year, which suggests a negative year over year growth rate of 10.4%. The company is expected to announce its next earnings report on Tuesday, May 5th.

According to Zacks, analysts expect that Flex will report full year sales of $24.30 billion for the current financial year, with estimates ranging from $24.14 billion to $24.55 billion. For the next year, analysts expect that the company will post 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 analysts that that provide coverage for Flex.

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

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

Shares of NASDAQ:FLEX traded up $0.46 during midday trading on Monday, reaching $8.87. 7,492,500 shares of the company’s stock were exchanged, compared to its average volume of 5,399,104. The company’s 50 day simple moving average is $10.90 and its two-hundred day simple moving average is $11.50. The firm has a market capitalization of $3.86 billion, a PE ratio of -221.75, a price-to-earnings-growth ratio of 2.09 and a beta of 1.86. Flex has a 12 month low of $5.36 and a 12 month high of $14.00. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.75 and a current ratio of 1.24.

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

Several institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its position in Flex by 44.0% in the 4th quarter. Macquarie Group Ltd. now owns 7,424,513 shares of the technology company’s stock valued at $93,698,000 after acquiring an additional 2,269,570 shares in the last quarter. Franklin Resources Inc. increased its position in Flex by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 2,940,251 shares of the technology company’s stock valued at $37,107,000 after acquiring an additional 218,583 shares in the last quarter. Norges Bank acquired a new stake in Flex in the 4th quarter valued at about $69,235,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Flex in the 4th quarter valued at about $1,676,000. Finally, Total Clarity Wealth Management Inc. acquired a new stake in Flex in the 4th quarter valued at about $53,000. Institutional investors and hedge funds own 95.46% of the company’s stock.

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.

Recommended Story: Candlestick

Get a free copy of the Zacks research report on Flex (FLEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.