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

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

A number of other equities research analysts also recently commented on the company. Craig Hallum downgraded Flex from a buy rating to a hold rating and decreased their target price for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. The Goldman Sachs Group increased their price objective on shares of Flex from $29.00 to $37.00 and gave the stock a buy rating in a research note on Monday, March 4th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $32.00 to $34.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Finally, Barclays increased their price target on Flex from $30.00 to $34.00 and gave the stock an overweight rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Flex has an average rating of Moderate Buy and a consensus price target of $32.83.

Flex Stock Performance

FLEX opened at $33.17 on Tuesday. The firm’s 50-day moving average price is $28.59 and its 200-day moving average price is $27.26. The company has a market cap of $13.32 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.18. The company has a quick ratio of 0.86, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. Flex has a 52-week low of $21.84 and a 52-week high of $33.33.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 EPS 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 business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. As a group, equities analysts anticipate that Flex will post 2.06 EPS for the current fiscal year.

Insider Activity at Flex

In related news, insider Michael P. Hartung sold 43,381 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the sale, the insider now owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Michael P. Hartung sold 43,381 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the transaction, the insider now directly owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,776 shares of company stock worth $8,876,689. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of hedge funds have recently modified their holdings of FLEX. Cornerstone Planning Group LLC acquired a new position in Flex in the third quarter valued at approximately $30,000. Richardson Financial Services Inc. acquired a new stake in shares of Flex in the fourth quarter valued at $34,000. CWM LLC increased its stake in Flex by 92.5% during the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the period. Fifth Third Bancorp lifted its holdings in Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after buying an additional 1,455 shares in the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in Flex in the fourth quarter valued at $75,000. Hedge funds and other 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.