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

Flex (NASDAQ:FLEX) had its price target upped by Barclays from $49.00 to $50.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price would indicate a potential upside of 29.94% from the stock’s current price.

Several other equities research analysts have also commented on FLEX. JPMorgan Chase & Co. reduced their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. The Goldman Sachs Group cut their price target on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. KeyCorp decreased their price objective on Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $45.33.

Flex Stock Performance

Shares of Flex stock opened at $38.48 on Thursday. Flex has a 52 week low of $25.11 and a 52 week high of $45.10. The company has a market capitalization of $14.74 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The stock’s fifty day moving average is $33.55 and its two-hundred day moving average is $37.47. 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 (NASDAQ:FLEX) last announced 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 firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. Flex’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. As a group, analysts expect that Flex will post 2.33 earnings per share for the current year.

Insider Activity

In other news, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the completion of the sale, the chief executive officer now owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 257,373 shares of company stock valued at $9,916,763 in the last ninety days. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new stake in shares of Flex during the 1st quarter worth approximately $26,000. Cullen Frost Bankers Inc. purchased a new position in Flex in the 1st quarter valued at approximately $26,000. CX Institutional purchased a new stake in Flex during the 1st quarter worth about $29,000. R Squared Ltd purchased a new position in Flex in the fourth quarter worth approximately $35,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex during the 4th quarter worth approximately $35,000. 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.