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

StockNews.com upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a research note released on Friday.

Several other brokerages have also recently issued reports on FLEX. Barclays lifted their target price on shares of Flex from $34.00 to $39.00 and gave the stock an overweight rating in a report on Thursday, July 25th. Stifel Nicolaus lifted their price target on shares of Flex from $32.00 to $37.00 and gave the stock a buy rating in a research note on Thursday, July 25th. Craig Hallum upgraded shares of Flex from a hold rating to a buy rating and lifted their price target for the stock from $27.00 to $39.00 in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Flex from $34.00 to $40.00 and gave the stock an overweight rating in a research note on Tuesday, July 23rd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $38.40.

Flex Trading Down 6.8 %

Shares of NASDAQ FLEX opened at $28.59 on Friday. Flex has a 1 year low of $21.84 and a 1 year high of $34.12. The stock has a market cap of $11.40 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 2.03 and a beta of 1.12. The firm has a 50-day moving average of $31.10 and a 200 day moving average of $28.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.79.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the transaction, the insider now directly owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Paul Lundstrom sold 200,000 shares of the business’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 transaction, the chief financial officer now owns 294,027 shares of the company’s stock, valued at $9,544,116.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the transaction, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. The disclosure for this sale can be found here. Insiders sold a total of 812,570 shares of company stock worth $25,403,101 over the last three months. 0.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flex

Several hedge funds have recently modified their holdings of the stock. abrdn plc raised its stake in Flex by 106.0% during the fourth quarter. abrdn plc now owns 146,524 shares of the technology company’s stock valued at $4,463,000 after purchasing an additional 75,387 shares in the last quarter. Twin Tree Management LP raised its stake in Flex by 29,912.0% during the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 96,915 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Flex by 21.8% during the fourth 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. Capstone Investment Advisors LLC purchased a new stake in Flex during the first quarter valued at $783,000. Finally, Quantbot Technologies LP purchased a new stake in Flex during the first quarter valued at $633,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

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.