Flex (NASDAQ:FLEX) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.

A number of other research analysts have also issued reports on FLEX. KeyCorp began coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. The Goldman Sachs Group set a $39.00 price objective on Flex in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Barclays upped their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $39.00 in a research report on Thursday, July 25th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Buy” and an average target price of $39.17.

Flex Stock Performance

Shares of FLEX opened at $34.67 on Tuesday. The company’s 50 day simple moving average is $32.55 and its 200-day simple moving average is $31.03. Flex has a 12-month low of $21.84 and a 12-month high of $35.84. The firm has a market cap of $13.77 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 2.01 and a beta of 1.09. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Insider Buying and Selling

In other news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $31.99, for a total transaction of $319,900.00. Following the transaction, the executive vice president now owns 168,094 shares of the company’s stock, valued at $5,377,327.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,028 shares of company stock valued at $933,511. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors have recently bought and sold shares of the stock. Boston Partners boosted its position in shares of Flex by 113.8% in the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after buying an additional 10,201,162 shares during the period. Merewether Investment Management LP purchased a new position in Flex during the 2nd quarter valued at about $72,808,000. Westfield Capital Management Co. LP acquired a new position in shares of Flex in the 1st quarter valued at about $51,543,000. Point72 Asset Management L.P. boosted its holdings in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after purchasing an additional 792,700 shares during the period. Finally, TCW Group Inc. grew its position in Flex by 48.1% during the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock valued at $50,479,000 after purchasing an additional 556,286 shares in the last quarter. 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.