Flex (NASDAQ:FLEX) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning.

Several other equities analysts have also issued reports on FLEX. The Goldman Sachs Group boosted their price objective on Flex from $29.00 to $37.00 and gave the company a buy rating in a research report on Monday, March 4th. Craig Hallum cut Flex from a buy rating to a hold rating and cut their target price for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Barclays lifted their price target on shares of Flex from $30.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Flex from $32.00 to $34.00 and gave the company an overweight rating in a report on Thursday, April 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $32.83.

Flex Stock Up 3.1 %

Shares of Flex stock opened at $33.17 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. Flex has a 12 month low of $21.84 and a 12 month high of $33.33. The stock has a market cap of $13.32 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.18. The business has a fifty day simple moving average of $28.59 and a 200 day simple moving average of $27.26.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Research analysts predict that Flex will post 2.06 EPS for the current year.

Insider Buying and Selling

In related news, insider Kwang Hooi Tan sold 14,599 shares of Flex stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $28.65, for a total transaction of $418,261.35. Following the completion of the sale, the insider now owns 163,656 shares of the company’s stock, valued at approximately $4,688,744.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the completion of the sale, the insider now directly owns 154,810 shares in the company, valued at approximately $4,723,253.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.65, for a total transaction of $418,261.35. Following the sale, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,776 shares of company stock worth $8,876,689. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FLEX. Cornerstone Planning Group LLC acquired a new position in Flex during the 3rd quarter worth approximately $30,000. Richardson Financial Services Inc. bought a new position in Flex during the fourth quarter worth $34,000. CWM LLC lifted its stake in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after purchasing an additional 773 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after buying an additional 1,455 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in Flex during the fourth quarter worth $75,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.