Flex (NASDAQ:FLEX) Upgraded at StockNews.com

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

Several other equities research analysts have also weighed in on FLEX. Craig Hallum lowered Flex from a buy rating to a hold rating and lowered their price objective for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Barclays upped their price objective on Flex from $30.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. The Goldman Sachs Group upped their price objective on Flex from $29.00 to $37.00 and gave the company a buy rating in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. upped their price objective on Flex from $32.00 to $34.00 and gave the company an overweight rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $32.83.

Flex Trading Up 2.6 %

Shares of FLEX opened at $32.18 on Tuesday. Flex has a 12-month low of $21.84 and a 12-month high of $32.49. The company has a quick ratio of 0.86, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 1.99 and a beta of 1.18. The stock’s 50-day moving average price is $28.51 and its 200 day moving average price is $27.23.

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

Insider Buying and Selling

In related news, CEO Revathi Advaithi sold 161,052 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 $4,614,139.80. Following the sale, the chief executive officer now directly owns 1,903,404 shares in the company, valued at approximately $54,532,524.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Flex news, CEO Revathi Advaithi sold 161,052 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now owns 1,903,404 shares of the company’s stock, valued at approximately $54,532,524.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 value of $1,323,554.31. Following the transaction, the insider now directly owns 154,810 shares in the company, valued at approximately $4,723,253.10. The disclosure for this sale can be found here. Insiders have sold a total of 306,776 shares of company stock worth $8,876,689 in the last three months. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Troluce Capital Advisors LLC lifted its stake in shares of Flex by 101.2% in the 3rd quarter. Troluce Capital Advisors LLC now owns 550,692 shares of the technology company’s stock valued at $14,858,000 after purchasing an additional 48,097,992 shares during the period. Norges Bank acquired a new position in shares of Flex in the 4th quarter valued at $165,000,000. Westfield Capital Management Co. LP acquired a new position in shares of Flex in the 1st quarter valued at $51,543,000. Schonfeld Strategic Advisors LLC lifted its stake in shares of Flex by 211.2% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,409,636 shares of the technology company’s stock valued at $38,032,000 after purchasing an additional 956,676 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of Flex by 63.9% in the 4th quarter. California Public Employees Retirement System now owns 2,423,404 shares of the technology company’s stock valued at $73,817,000 after purchasing an additional 944,928 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.