Flex (NASDAQ:FLEX) PT Raised to $34.00 at Barclays

Flex (NASDAQ:FLEX) had its target price lifted by equities researchers at Barclays from $30.00 to $34.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Barclays‘s price target would suggest a potential upside of 30.27% from the company’s current price.

Several other equities analysts also recently commented on FLEX. JPMorgan Chase & Co. upped their price target on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. StockNews.com started coverage on shares of Flex in a report on Wednesday, March 6th. They set a “hold” rating for the company. The Goldman Sachs Group boosted their price objective on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Finally, Craig Hallum cut Flex from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.83.

Flex Price Performance

Flex stock traded down $0.24 on Thursday, reaching $26.10. The company’s stock had a trading volume of 2,453,647 shares, compared to its average volume of 4,882,679. Flex has a twelve month low of $19.85 and a twelve month high of $30.93. The business’s fifty day moving average price is $28.48 and its 200 day moving average price is $26.82. The company has a market cap of $10.99 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.79 and a beta of 1.18. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.10. The firm had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.73 billion. Flex had a net margin of 2.56% and a return on equity of 16.24%. Equities analysts expect that Flex will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kwang Hooi Tan sold 8,027 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $28.81, for a total transaction of $231,257.87. Following the completion of the transaction, the insider now owns 159,718 shares in the company, valued at approximately $4,601,475.58. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Flex news, insider Kwang Hooi Tan sold 8,027 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total value of $231,257.87. Following the sale, the insider now owns 159,718 shares in the company, valued at approximately $4,601,475.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total value of $53,735.40. Following the transaction, the chief accounting officer now directly owns 28,730 shares of the company’s stock, valued at $830,009.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,943 shares of company stock valued at $4,055,311. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors have recently modified their holdings of the company. Cornerstone Planning Group LLC acquired a new position in shares of Flex during the third quarter worth about $30,000. Richardson Financial Services Inc. acquired a new position in Flex during the fourth quarter valued at approximately $34,000. CWM LLC boosted its position in shares of Flex by 92.5% in the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after buying an additional 773 shares during the period. Fifth Third Bancorp grew its stake in shares of Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after acquiring an additional 1,455 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in Flex during the 4th quarter worth $75,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

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.