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

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

FLEX has been the subject of a number of other research reports. Barclays increased their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. KeyCorp started coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Stifel Nicolaus began coverage on Flex in a report on Tuesday. They issued a “buy” rating and a $52.00 price target for the company. Finally, Craig Hallum increased their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Flex has an average rating of “Buy” and a consensus price target of $44.33.

Flex Price Performance

Shares of NASDAQ FLEX opened at $42.51 on Friday. Flex has a 1-year low of $25.27 and a 1-year high of $45.10. The business has a 50-day moving average of $40.64 and a 200-day moving average of $36.26. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. The company has a market capitalization of $16.29 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 2.58 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, equities analysts anticipate that Flex will post 2.33 EPS for the current fiscal year.

Insider Transactions at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Institutional Trading of Flex

Several large investors have recently added to or reduced their stakes in FLEX. Norges Bank acquired a new stake in Flex in the 4th quarter valued at approximately $229,484,000. Geode Capital Management LLC boosted its stake in Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after purchasing an additional 2,170,262 shares in the last quarter. Invesco Ltd. boosted its stake in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after purchasing an additional 1,327,298 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.