Flex (NASDAQ:FLEX) Upgraded by KeyCorp to “Strong-Buy”

KeyCorp upgraded shares of Flex (NASDAQ:FLEX) to a strong-buy rating in a research report released on Monday, Zacks.com reports.

Several other equities analysts have also issued reports on FLEX. Stifel Nicolaus boosted their price objective on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Barclays upped their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. upped their price target on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group set a $39.00 price target on Flex in a research report on Thursday, October 17th. Finally, StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Flex has a consensus rating of “Buy” and a consensus price target of $39.17.

Flex Price Performance

Shares of FLEX opened at $34.99 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. The stock has a 50 day simple moving average of $32.41 and a 200 day simple moving average of $30.91. Flex has a 52-week low of $21.84 and a 52-week high of $35.84. The firm has a market capitalization of $13.95 billion, a PE ratio of 15.21, a P/E/G ratio of 2.00 and a beta of 1.09.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $5.89 billion. Sell-side analysts predict that Flex will post 2.06 EPS for the current fiscal year.

Insider Transactions at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction 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 sale, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in FLEX. Wealth Enhancement Advisory Services LLC increased its position in Flex by 2.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 46,950 shares of the technology company’s stock worth $1,570,000 after buying an additional 1,296 shares during the period. Parcion Private Wealth LLC bought a new position in Flex during the 3rd quarter worth $452,000. Ballentine Partners LLC bought a new position in Flex during the 3rd quarter worth $228,000. Mount Yale Investment Advisors LLC increased its position in Flex by 12.8% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 17,686 shares of the technology company’s stock worth $591,000 after buying an additional 2,008 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Flex by 4.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 74,508 shares of the technology company’s stock worth $2,491,000 after buying an additional 3,074 shares during the period. 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.