Flex (NASDAQ:FLEX) Upgraded by StockNews.com to Buy Rating

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

FLEX has been the topic of several other research reports. KeyCorp upped their price objective on Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lowered their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Finally, The Goldman Sachs Group dropped their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex presently has a consensus rating of “Buy” and a consensus target price of $45.33.

Flex Stock Up 1.2%

FLEX stock opened at $42.27 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a 50 day simple moving average of $34.61 and a 200-day simple moving average of $37.81. The company has a market capitalization of $16.19 billion, a P/E ratio of 17.04, a PEG ratio of 2.43 and a beta of 0.96. Flex has a twelve month low of $25.11 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. On average, equities research analysts predict that Flex will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 164,700 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $6,915,753.00. Following the completion of the transaction, the chief executive officer now owns 1,319,823 shares in the company, valued at approximately $55,419,367.77. This represents a 11.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 489,255 shares of company stock valued at $19,589,788 in the last quarter. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Flaharty Asset Management LLC bought a new stake in shares of Flex during the first quarter valued at about $66,000. Bayforest Capital Ltd increased its stake in Flex by 369.9% during the 1st quarter. Bayforest Capital Ltd now owns 14,521 shares of the technology company’s stock valued at $480,000 after buying an additional 11,431 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Flex by 16.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock worth $103,714,000 after buying an additional 453,455 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Flex in the 1st quarter worth approximately $397,000. Finally, Logan Capital Management Inc. boosted its holdings in shares of Flex by 592.2% in the first quarter. Logan Capital Management Inc. now owns 463,622 shares of the technology company’s stock valued at $15,337,000 after acquiring an additional 396,640 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

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.