Flex (NASDAQ:FLEX) Price Target Raised to $50.00

Flex (NASDAQ:FLEX) had its price objective increased by Bank of America from $48.00 to $50.00 in a report released on Monday,Benzinga reports. Bank of America currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on FLEX. The Goldman Sachs Group decreased their target price on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. KeyCorp restated an “overweight” rating on shares of Flex in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Barclays increased their price objective on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. Finally, Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex currently has a consensus rating of “Buy” and a consensus price target of $46.00.

Flex Trading Down 0.5%

Shares of FLEX stock opened at $43.64 on Monday. The business’s 50 day moving average is $37.27 and its two-hundred day moving average is $38.26. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex has a 12 month low of $25.11 and a 12 month high of $45.10. The company has a market cap of $16.29 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04.

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

Insider Transactions at Flex

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer now owns 1,463,695 shares in the company, valued at approximately $62,807,152.45. The trade was a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Daniel Wendler sold 1,619 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $42.91, for a total value of $69,471.29. Following the completion of the sale, the chief accounting officer now owns 37,057 shares of the company’s stock, valued at approximately $1,590,115.87. This trade represents a 4.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 891,134 shares of company stock valued at $36,818,451. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLEX. Rise Advisors LLC acquired a new stake in shares of Flex in the first quarter valued at approximately $25,000. Olde Wealth Management LLC bought a new position in Flex in the 1st quarter valued at $26,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Flex in the 1st quarter valued at $26,000. CX Institutional bought a new stake in shares of Flex during the first quarter worth $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Flex during the fourth quarter valued at $35,000. Institutional investors and hedge funds 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.