Flex (NASDAQ:FLEX) Stock Price Expected to Rise, KeyCorp Analyst Says

Flex (NASDAQ:FLEX) had its target price upped by KeyCorp from $35.00 to $44.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target points to a potential upside of 14.35% from the stock’s previous close.

FLEX has been the subject of several other research reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. decreased their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Barclays lifted their target price on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, 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 research report on Thursday, April 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex presently has a consensus rating of “Buy” and a consensus target price of $45.33.

Flex Price Performance

Flex stock opened at $38.48 on Friday. The stock has a market cap of $14.74 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a fifty day simple moving average of $33.55 and a 200-day simple moving average of $37.49. The company has a current ratio of 1.41, a quick ratio of 0.83 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.

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

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 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 Investors Weigh In On Flex

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