Flex (NASDAQ:FLEX) Earns Overweight Rating from Analysts at KeyCorp

KeyCorp started coverage on shares of Flex (NASDAQ:FLEX) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage issued an overweight rating and a $41.00 price objective on the technology company’s stock.

A number of other equities analysts have also commented on the stock. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. Barclays increased their price objective on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Stifel Nicolaus boosted their price objective on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. increased their price target on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Flex presently has an average rating of “Buy” and a consensus price target of $39.17.

Flex Stock Up 2.6 %

Shares of FLEX stock opened at $34.99 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. The stock has a market cap of $13.95 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 2.00 and a beta of 1.09. Flex has a 52-week low of $21.84 and a 52-week high of $35.84. The firm’s 50-day moving average is $32.41 and its 200-day moving average is $30.91.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The company had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. Sell-side analysts predict that Flex will post 2.06 EPS for the current year.

Insider Activity

In related news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the transaction, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at $5,377,327.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the sale, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the transaction, the executive vice president now directly owns 168,094 shares in the company, valued at $5,377,327.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,028 shares of company stock valued at $904,530. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of Flex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FLEX. Vanguard Group Inc. boosted its stake in shares of Flex by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 5,829,503 shares of the technology company’s stock valued at $177,567,000 after purchasing an additional 248,233 shares in the last quarter. Global Assets Advisory LLC grew its holdings in shares of Flex by 400.9% during the 1st quarter. Global Assets Advisory LLC now owns 53,097 shares of the technology company’s stock worth $1,519,000 after acquiring an additional 42,496 shares during the period. Atlas Capital Advisors LLC raised its position in shares of Flex by 4.7% in the 1st quarter. Atlas Capital Advisors LLC now owns 34,821 shares of the technology company’s stock worth $996,000 after acquiring an additional 1,560 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Flex by 9.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 75,882 shares of the technology company’s stock valued at $2,171,000 after purchasing an additional 6,528 shares in the last quarter. Finally, Deltec Asset Management LLC grew its stake in Flex by 6.5% in the first quarter. Deltec Asset Management LLC now owns 311,500 shares of the technology company’s stock worth $8,912,000 after purchasing an additional 19,000 shares during the period. Hedge funds and other institutional investors 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.