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

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

FLEX has been the topic of several other research reports. The Goldman Sachs Group boosted their price objective on Flex from $29.00 to $37.00 and gave the stock a buy rating in a report on Monday, March 4th. Barclays lifted their target price on Flex from $30.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. Craig Hallum cut Flex from a buy rating to a hold rating and lowered their target price for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Flex from $32.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, April 11th. One investment 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 presently has an average rating of Moderate Buy and a consensus price target of $32.83.

Flex Price Performance

Shares of NASDAQ FLEX opened at $31.58 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The firm’s 50-day simple moving average is $30.07 and its 200 day simple moving average is $28.05. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The stock has a market cap of $12.68 billion, a P/E ratio of 13.73, a P/E/G ratio of 2.09 and a beta of 1.13.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results 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 firm had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Equities analysts expect that Flex will post 2.06 EPS for the current year.

Insider Buying and Selling

In other news, CFO Paul Lundstrom sold 29,041 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $32.13, for a total transaction of $933,087.33. Following the completion of the transaction, the chief financial officer now directly owns 316,130 shares in the company, valued at $10,157,256.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Daniel Wendler sold 1,670 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the transaction, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at $880,261.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Paul Lundstrom sold 29,041 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $32.13, for a total value of $933,087.33. Following the completion of the transaction, the chief financial officer now directly owns 316,130 shares of the company’s stock, valued at $10,157,256.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 737,714 shares of company stock worth $23,056,255. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. bought a new position in shares of Flex during the fourth quarter valued at $34,000. CWM LLC lifted its holdings in shares of Flex by 92.5% during the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after acquiring an additional 773 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after acquiring an additional 1,455 shares during the period. Bruce G. Allen Investments LLC bought a new position in shares of Flex during the fourth quarter valued at $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Flex during the fourth quarter valued at $77,000. 94.30% of the stock is owned by institutional investors.

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.