Barclays Boosts Flex (NASDAQ:FLEX) Price Target to $39.00

Flex (NASDAQ:FLEX) had its price objective hoisted by equities researchers at Barclays from $34.00 to $39.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price indicates a potential upside of 22.80% from the stock’s current price.

Several other analysts have also recently commented on FLEX. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised their price target on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Craig Hallum raised Flex from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Thursday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $38.75.

Flex Price Performance

Shares of NASDAQ FLEX opened at $31.76 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The firm has a market capitalization of $12.67 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.99 and a beta of 1.12. The stock’s 50-day simple moving average is $31.05 and its 200-day simple moving average is $28.52.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.09. The business had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Flex had a return on equity of 16.46% and a net margin of 3.58%. As a group, equities research analysts forecast that Flex will post 2.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, CEO Revathi Advaithi sold 37,170 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $1,163,421.00. Following the sale, the chief executive officer now directly owns 2,057,473 shares in the company, valued at $64,398,904.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Revathi Advaithi sold 37,170 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $31.30, for a total value of $1,163,421.00. Following the sale, the chief executive officer now directly owns 2,057,473 shares in the company, valued at $64,398,904.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael D. Capellas sold 78,872 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total value of $2,653,254.08. Following the completion of the transaction, the director now owns 219,037 shares of the company’s stock, valued at $7,368,404.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 804,542 shares of company stock worth $25,147,972. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flex

Institutional investors have recently added to or reduced their stakes in the business. Veracity Capital LLC grew its stake in shares of Flex by 16.5% in the second quarter. Veracity Capital LLC now owns 13,124 shares of the technology company’s stock valued at $387,000 after buying an additional 1,860 shares in the last quarter. Graybill Wealth Management LTD. boosted its holdings in Flex by 1.0% in the second quarter. Graybill Wealth Management LTD. now owns 197,366 shares of the technology company’s stock valued at $5,820,000 after purchasing an additional 2,030 shares during the last quarter. Carnegie Investment Counsel boosted its holdings in Flex by 17.2% in the second quarter. Carnegie Investment Counsel now owns 61,191 shares of the technology company’s stock valued at $1,805,000 after purchasing an additional 8,974 shares during the last quarter. TCW Group Inc. boosted its holdings in Flex by 48.1% in the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock valued at $50,479,000 after purchasing an additional 556,286 shares during the last quarter. Finally, Timber Creek Capital Management LLC boosted its holdings in Flex by 10.9% in the second quarter. Timber Creek Capital Management LLC now owns 125,518 shares of the technology company’s stock valued at $3,702,000 after purchasing an additional 12,356 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

About Flex

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.