Zacks Research upgraded shares of Flex (NASDAQ:FLEX – Free Report) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks reports.
A number of other brokerages have also issued reports on FLEX. Barclays decreased their target price on Flex from $144.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Wall Street Zen raised shares of Flex from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Weiss Ratings cut shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Raymond James Financial set a $170.00 target price on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $131.78.
Read Our Latest Stock Report on FLEX
Flex Price Performance
Shares of Flex stock opened at $88.10 on Monday. The company has a quick ratio of 0.85, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. Flex has a twelve month low of $53.07 and a twelve month high of $166.86. The business has a 50-day moving average price of $104.80 and a 200 day moving average price of $103.06. The firm has a market cap of $32.55 billion, a PE ratio of 31.81, a P/E/G ratio of 0.39 and a beta of 1.80.
Flex (NASDAQ:FLEX – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. Flex had a return on equity of 24.93% and a net margin of 3.35%. The company had revenue of $8.49 billion for the quarter, compared to the consensus estimate of $8.17 billion. During the same quarter in the prior year, the business posted $0.79 earnings per share. Flex’s revenue for the quarter was up 24.8% on a year-over-year basis. Sell-side analysts predict that Flex will post 4.52 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Michael P. Hartung sold 2,755 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the transaction, the insider directly owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. This represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.62% of the company’s stock.
Institutional Investors Weigh In On Flex
A number of large investors have recently modified their holdings of the business. Brighton Jones LLC boosted its position in shares of Flex by 101.1% during the 3rd quarter. Brighton Jones LLC now owns 14,587 shares of the technology company’s stock worth $1,604,000 after purchasing an additional 7,333 shares during the period. Ethic Inc. raised its position in Flex by 24.5% in the third quarter. Ethic Inc. now owns 45,576 shares of the technology company’s stock valued at $5,013,000 after purchasing an additional 8,972 shares during the period. Calamos Advisors LLC raised its position in Flex by 2.1% in the third quarter. Calamos Advisors LLC now owns 52,180 shares of the technology company’s stock valued at $5,739,000 after purchasing an additional 1,056 shares during the period. Alta Advisers Ltd lifted its stake in Flex by 66.2% during the third quarter. Alta Advisers Ltd now owns 2,674 shares of the technology company’s stock worth $294,000 after purchasing an additional 1,065 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Flex during the third quarter worth $2,284,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.
About Flex
Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.
Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.
The company was founded in 1969 as Flextronics and later adopted the name Flex.
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