Wall Street Zen cut shares of Flex (NASDAQ:FLEX – Free Report) from a strong-buy rating to a buy rating in a research report report published on Friday.
A number of other research analysts have also weighed in on the company. KeyCorp reissued an “overweight” rating on shares of Flex in a report on Tuesday, June 3rd. The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Bank of America increased their price objective on Flex from $48.00 to $50.00 and gave the company a “buy” rating in a report on Monday, June 9th. JPMorgan Chase & Co. cut their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Barclays upped their target price on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $46.00.
Read Our Latest Stock Analysis on FLEX
Flex Trading Down 0.4%
Flex (NASDAQ:FLEX – Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share 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 analyst estimates of $6.22 billion. Flex had a return on equity of 19.01% and a net margin of 3.25%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. On average, research analysts predict that Flex will post 2.33 earnings per share for the current fiscal year.
Insider Transactions at Flex
In other news, CEO Revathi Advaithi sold 37,465 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the transaction, the chief executive officer now directly owns 1,363,312 shares of the company’s stock, valued at $61,362,673.12. This represents a 2.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares in the company, valued at $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last quarter. 0.82% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Evergreen Capital Management LLC lifted its position in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after buying an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after buying an additional 266 shares in the last quarter. Dynasty Wealth Management LLC lifted its position in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after buying an additional 276 shares in the last quarter. WealthTrust Axiom LLC lifted its position in shares of Flex by 1.8% in the first quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock valued at $566,000 after acquiring an additional 300 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Flex by 30.8% in the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock worth $43,000 after acquiring an additional 306 shares during the last quarter. 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.
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