Wall Street Zen Upgrades Flex (NASDAQ:FLEX) to Strong-Buy

Wall Street Zen upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a strong-buy rating in a report published on Wednesday morning.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. KeyCorp upped their target price on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their target price on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Flex has a consensus rating of “Buy” and a consensus price target of $45.33.

Flex Stock Up 0.5%

FLEX opened at $42.13 on Wednesday. The business’s fifty day moving average is $35.55 and its two-hundred day moving average is $38.01. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market cap of $15.73 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.43 and a beta of 0.96. Flex has a one year low of $25.11 and a one year high of $45.10.

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

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 87,093 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the transaction, the executive vice president now directly owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Erin Mcsweeney sold 14,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $41.94, for a total value of $587,160.00. Following the completion of the transaction, the director now directly owns 22,299 shares of the company’s stock, valued at approximately $935,220.06. The trade was a 38.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 489,255 shares of company stock valued at $19,589,788 in the last quarter. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently modified their holdings of the stock. Boston Partners increased its holdings in Flex by 2.2% during the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after purchasing an additional 569,916 shares in the last quarter. Wellington Management Group LLP increased its holdings in Flex by 4.8% during the 1st quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock valued at $719,232,000 after purchasing an additional 996,276 shares in the last quarter. Vanguard Group Inc. increased its holdings in Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock valued at $472,155,000 after purchasing an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Flex by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock valued at $326,833,000 after purchasing an additional 916,085 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock valued at $276,652,000 after purchasing an additional 2,968,285 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.