StockNews.com Upgrades Flex (NASDAQ:FLEX) to “Buy”

Flex (NASDAQ:FLEX) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Several other brokerages have also issued reports on FLEX. JPMorgan Chase & Co. raised their target price on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Barclays raised their target price on shares of Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Craig Hallum lowered shares of Flex from a “buy” rating to a “hold” rating and reduced their target price for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.83.

Flex Stock Down 3.1 %

FLEX opened at $29.37 on Wednesday. Flex has a twelve month low of $21.84 and a twelve month high of $34.12. The firm’s 50-day simple moving average is $30.45 and its 200-day simple moving average is $28.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52. The firm has a market cap of $11.80 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 2.06 and a beta of 1.13.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Flex had a net margin of 3.58% and a return on equity of 16.46%. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Equities research analysts anticipate that Flex will post 2.06 EPS for the current fiscal year.

Insider Activity

In other news, CFO Paul Lundstrom sold 200,000 shares of Flex stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $32.46, for a total value of $6,492,000.00. Following the sale, the chief financial officer now directly owns 294,027 shares in the company, valued at $9,544,116.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Paul Lundstrom sold 200,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $32.46, for a total value of $6,492,000.00. Following the completion of the transaction, the chief financial officer now directly owns 294,027 shares of the company’s stock, valued at $9,544,116.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Revathi Advaithi sold 161,052 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $4,614,139.80. Following the completion of the transaction, the chief executive officer now directly owns 1,903,404 shares of the company’s stock, valued at $54,532,524.60. The disclosure for this sale can be found here. Insiders have sold 804,542 shares of company stock worth $25,147,972 over the last ninety days. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Flex

Hedge funds and other institutional investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. boosted its position in Flex by 5.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after purchasing an additional 471 shares during the period. Wahed Invest LLC lifted its holdings in shares of Flex by 8.1% during the third quarter. Wahed Invest LLC now owns 7,077 shares of the technology company’s stock worth $191,000 after buying an additional 530 shares in the last quarter. Veracity Capital LLC lifted its holdings in shares of Flex by 7.8% during the fourth quarter. Veracity Capital LLC now owns 8,253 shares of the technology company’s stock worth $251,000 after buying an additional 599 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Flex by 8.4% during the fourth quarter. Global Retirement Partners LLC now owns 8,746 shares of the technology company’s stock worth $266,000 after buying an additional 679 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its holdings in shares of Flex by 8.6% during the first quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock worth $247,000 after buying an additional 683 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

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.