KeyCorp Issues Pessimistic Forecast for Flex (NASDAQ:FLEX) Stock Price

Flex (NASDAQ:FLEX) had its price target lowered by equities research analysts at KeyCorp from $180.00 to $128.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp‘s target price points to a potential upside of 59.99% from the stock’s previous close.

A number of other analysts have also weighed in on FLEX. Bank of America reduced their target price on Flex from $180.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. JPMorgan Chase & Co. lowered their target price on shares of Flex from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Weiss Ratings cut shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 17th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group reduced their price target on shares of Flex from $154.00 to $145.00 in a research note on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $138.88.

Flex Trading Up 1.3%

Shares of NASDAQ FLEX traded up $1.04 during midday trading on Thursday, hitting $80.01. The company’s stock had a trading volume of 740,833 shares, compared to its average volume of 4,929,474. The company has a current ratio of 1.34, a quick ratio of 0.85 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $100.48 and its two-hundred day moving average is $103.34. Flex has a 12-month low of $53.07 and a 12-month high of $166.86. The firm has a market cap of $29.56 billion, a P/E ratio of 28.58, a price-to-earnings-growth ratio of 0.35 and a beta of 1.80.

Flex (NASDAQ:FLEX) 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 firm had revenue of $8.49 billion during the quarter, compared to analyst estimates of $8.17 billion. During the same period last year, the company earned $0.79 EPS. Flex’s quarterly revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts expect that Flex will post 4.52 EPS for the current year.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the transaction, the insider owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Flex

Several hedge funds have recently modified their holdings of FLEX. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Flex during the third quarter worth $40,000. TIAA CREF Individual & Institutional Services LLC increased its holdings in shares of Flex by 29.1% in the 3rd quarter. TIAA CREF Individual & Institutional Services LLC now owns 2,236 shares of the technology company’s stock valued at $246,000 after acquiring an additional 504 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in shares of Flex in the 3rd quarter worth $332,000. USS Investment Management Ltd raised its position in shares of Flex by 32.4% in the 3rd quarter. USS Investment Management Ltd now owns 14,700 shares of the technology company’s stock worth $1,616,000 after acquiring an additional 3,600 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Flex by 103.7% in the 3rd quarter. Private Advisor Group LLC now owns 5,562 shares of the technology company’s stock worth $612,000 after acquiring an additional 2,831 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Key Stories Impacting Flex

Investors following FLEX have been watching these stories:

• Positive Sentiment: Analysts remain optimistic: Barchart says Flex has outperformed the broader market over the past year and that analysts are highly optimistic about its prospects. Is Wall Street Bullish or Bearish on Flex Ltd. Stock?
• Positive Sentiment: AI infrastructure exposure: Zacks included FLEX among three AI infrastructure companies it views as attractively valued, with growth forecasts and potential upside supporting the investment case. The article presents Flex alongside other companies rather than detailing a new FLEX-specific forecast. Buy 3 Top-Ranked Undervalued AI Infrastructure Giants to Boost Gains
• Positive Sentiment: Record sales and product capabilities in focus: Recent coverage examines what Flex’s record sales growth may indicate, while its Innovation Day materials showcase Flex and Axiom Technology. These stories may reinforce the company’s growth and technology narrative, though the supplied information does not cite new financial targets. What Does Flex’s Record Sales Growth Really Show? Flex Innovation Day showcase

About Flex

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.