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

StockNews.com upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a report issued on Friday.

FLEX has been the topic of a number of other reports. JPMorgan Chase & Co. upped their target price on Flex from $34.00 to $40.00 and gave the company an overweight rating in a research report on Tuesday, July 23rd. Stifel Nicolaus boosted their price target on Flex from $32.00 to $37.00 and gave the company a buy rating in a report on Thursday, July 25th. Craig Hallum upgraded Flex from a hold rating to a buy rating and boosted their price target for the company from $27.00 to $39.00 in a report on Thursday, July 25th. Finally, Barclays boosted their price target on Flex from $34.00 to $39.00 and gave the company an overweight rating in a report on Thursday, July 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $38.40.

Flex Stock Performance

Flex stock opened at $28.59 on Friday. The stock’s 50 day moving average price is $31.10 and its 200 day moving average price is $28.85. Flex has a one year low of $21.84 and a one year high of $34.12. The firm has a market capitalization of $11.35 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 2.03 and a beta of 1.12. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.40.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Flex had a return on equity of 16.23% and a net margin of 3.54%. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. As a group, sell-side analysts expect that Flex will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 1,670 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the completion of the transaction, the chief accounting officer now directly owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Daniel Wendler sold 1,670 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the completion of the transaction, the chief accounting officer now directly owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael D. Capellas sold 78,872 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $33.64, for a total value of $2,653,254.08. Following the transaction, the director now owns 219,037 shares of the company’s stock, valued at $7,368,404.68. The disclosure for this sale can be found here. Insiders sold a total of 812,570 shares of company stock worth $25,403,101 in the last three months. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Trust N.A. lifted its holdings in shares of Flex by 1.8% in the second quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock valued at $599,000 after buying an additional 360 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Flex by 5.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock valued at $251,000 after buying an additional 471 shares during the period. Resonant Capital Advisors LLC lifted its holdings in shares of Flex by 8.6% in the first quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock valued at $247,000 after buying an additional 683 shares during the period. Atomi Financial Group Inc. lifted its holdings in shares of Flex by 10.2% in the second quarter. Atomi Financial Group Inc. now owns 7,984 shares of the technology company’s stock valued at $235,000 after buying an additional 739 shares during the period. Finally, CWM LLC lifted its holdings in shares of Flex by 92.5% in the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after buying an additional 773 shares during the period. 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.