Flex (NASDAQ:FLEX) Price Target Raised to $50.00

Flex (NASDAQ:FLEX) had its price objective upped by Barclays from $49.00 to $50.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other analysts also recently commented on the company. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. KeyCorp lowered their price target on shares of Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. reduced their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $45.33.

Flex Stock Down 0.1 %

Flex stock opened at $38.48 on Thursday. The company has a market capitalization of $14.74 billion, a P/E ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96. The firm’s fifty day simple moving average is $33.55 and its 200-day simple moving average is $37.49. Flex has a 1-year low of $25.11 and a 1-year high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Sell-side analysts forecast that Flex will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 257,373 shares of company stock worth $9,916,763 in the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FLEX. Cullen Frost Bankers Inc. bought a new position in Flex in the first quarter valued at about $26,000. Olde Wealth Management LLC bought a new position in shares of Flex in the 1st quarter valued at about $26,000. CX Institutional bought a new stake in shares of Flex during the first quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex in the fourth quarter valued at approximately $35,000. Finally, R Squared Ltd bought a new position in Flex in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.