Flex (FLEX) Price Target Raised to $22.00

Flex (NASDAQ:FLEX) had its target price upped by stock analysts at Stifel Nicolaus from $20.00 to $22.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 13.70% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Bank of America boosted their price objective on shares of Flex from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC boosted their price objective on shares of Flex from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Friday. BidaskClub raised shares of Flex from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. UBS Group reissued a “buy” rating and set a $21.50 price objective on shares of Flex in a research report on Tuesday, December 19th. Finally, Argus boosted their price objective on shares of Flex from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $20.56.

Shares of Flex (NASDAQ FLEX) traded up $0.54 during trading on Friday, reaching $19.35. 5,996,812 shares of the company’s stock were exchanged, compared to its average volume of 3,904,123. The company has a current ratio of 1.23, a quick ratio of 0.70 and a debt-to-equity ratio of 1.01. The stock has a market cap of $10,140.00, a P/E ratio of 19.16, a P/E/G ratio of 1.04 and a beta of 0.81. Flex has a fifty-two week low of $14.70 and a fifty-two week high of $19.71.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.31 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.31. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.50 billion. Flex had a net margin of 2.25% and a return on equity of 22.71%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. sell-side analysts expect that Flex will post 1.09 EPS for the current fiscal year.

In other news, Director William D. Watkins sold 9,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $17.73, for a total value of $159,570.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP David Scott Offer sold 45,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $17.71, for a total transaction of $796,950.00. The disclosure for this sale can be found here. 0.83% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Thompson Siegel & Walmsley LLC grew its position in shares of Flex by 9.2% in the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 4,996,536 shares of the technology company’s stock worth $82,792,000 after buying an additional 421,171 shares during the period. PGGM Investments grew its position in shares of Flex by 0.3% in the 3rd quarter. PGGM Investments now owns 2,184,514 shares of the technology company’s stock worth $36,197,000 after buying an additional 7,337 shares during the period. Russell Investments Group Ltd. grew its position in shares of Flex by 317.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,189,046 shares of the technology company’s stock worth $19,702,000 after buying an additional 904,163 shares during the period. Tocqueville Asset Management L.P. grew its position in Flex by 6.2% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 1,116,155 shares of the technology company’s stock valued at $18,495,000 after purchasing an additional 65,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Flex during the 4th quarter valued at about $15,228,000. 95.08% of the stock is currently owned by hedge funds and other institutional investors.

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Flex Company Profile

Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).