Flex (NASDAQ:FLEX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a research report report published on Wednesday.

Several other equities analysts also recently weighed in on FLEX. JPMorgan Chase & Co. raised their price objective on Flex from $32.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Barclays lifted their price target on Flex from $30.00 to $34.00 and gave the stock an overweight rating in a research note on Thursday, May 2nd. Craig Hallum cut shares of Flex from a buy rating to a hold rating and lowered their price objective 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 report on Monday, March 4th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Flex has a consensus rating of Moderate Buy and a consensus target price of $32.83.

Flex Stock Performance

NASDAQ:FLEX opened at $29.49 on Wednesday. The firm’s fifty day simple moving average is $30.49 and its 200-day simple moving average is $28.35. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The stock has a market cap of $11.76 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.97 and a beta of 1.13. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a net margin of 3.58% and a return on equity of 16.46%. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Analysts expect that Flex will post 2.06 earnings per share for the current fiscal year.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 14,599 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $418,261.35. Following the sale, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Daniel Wendler sold 1,670 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total transaction of $54,325.10. Following the transaction, the chief accounting officer now directly owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 14,599 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $418,261.35. Following the completion of the sale, the insider now owns 163,656 shares of the company’s stock, valued at $4,688,744.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 804,542 shares of company stock valued at $25,147,972. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Ardsley Advisory Partners LP raised its position in Flex by 11.5% in the third quarter. Ardsley Advisory Partners LP now owns 393,500 shares of the technology company’s stock valued at $10,617,000 after purchasing an additional 40,500 shares during the period. FNY Investment Advisers LLC acquired a new stake in Flex during the 4th quarter valued at approximately $2,909,000. abrdn plc increased its holdings in Flex by 106.0% during the 4th quarter. abrdn plc now owns 146,524 shares of the technology company’s stock worth $4,463,000 after purchasing an additional 75,387 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of Flex by 21.8% in the 4th quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock valued at $6,150,000 after purchasing an additional 36,082 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Flex by 9.3% during the 3rd quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company’s stock valued at $61,836,000 after buying an additional 195,447 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other 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.