Flex (NASDAQ:FLEX) Given New $39.00 Price Target at Barclays

Flex (NASDAQ:FLEX) had its target price increased by Barclays from $34.00 to $39.00 in a research report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other research analysts have also issued reports on FLEX. StockNews.com raised Flex from a hold rating to a buy rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upped their price objective on shares of Flex from $34.00 to $40.00 and gave the company an overweight rating in a report on Tuesday, July 23rd. Finally, Craig Hallum upgraded shares of Flex from a hold rating to a buy rating and lifted their target price for the stock from $27.00 to $39.00 in a research note on Thursday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $38.40.

Flex Stock Performance

Shares of Flex stock opened at $32.01 on Thursday. The company has a market capitalization of $12.77 billion, a PE ratio of 13.92, a P/E/G ratio of 2.14 and a beta of 1.12. The company has a 50-day simple moving average of $31.14 and a two-hundred day simple moving average of $28.67. Flex has a one year low of $21.84 and a one year high of $34.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a net margin of 3.54% and a return on equity of 15.53%. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. Research analysts expect that Flex will post 2.06 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, CEO Revathi Advaithi sold 161,052 shares of Flex stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.65, for a total transaction of $4,614,139.80. Following the completion of the transaction, the chief executive officer now owns 1,903,404 shares in the company, valued at approximately $54,532,524.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Flex news, insider Kwang Hooi Tan sold 14,599 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total transaction of $418,261.35. Following the transaction, the insider now owns 163,656 shares in the company, valued at $4,688,744.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 161,052 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $4,614,139.80. Following the completion of the sale, the chief executive officer now directly owns 1,903,404 shares in the company, valued at $54,532,524.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 804,542 shares of company stock valued at $25,147,972. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Richardson Financial Services Inc. acquired a new position in Flex during the fourth quarter worth $34,000. CWM LLC lifted its stake in 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 buying an additional 773 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Flex by 276.6% in 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 during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Flex during the 4th quarter worth approximately $77,000. Finally, J.Safra Asset Management Corp raised its holdings in shares of Flex by 623.6% during the second quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after acquiring an additional 2,538 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.