KeyCorp Begins Coverage on Flex (NASDAQ:FLEX)

Equities research analysts at KeyCorp started coverage on shares of Flex (NASDAQ:FLEX) in a research note issued on Tuesday, Briefing.com reports. The firm set an “overweight” rating and a $41.00 price target on the technology company’s stock. KeyCorp’s price objective indicates a potential upside of 19.22% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. StockNews.com downgraded shares of Flex from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. The Goldman Sachs Group set a $39.00 target price on Flex in a research report on Thursday. Stifel Nicolaus boosted their price target on Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and raised their price objective for the company from $27.00 to $39.00 in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $39.17.

Flex Price Performance

Shares of FLEX stock opened at $34.39 on Tuesday. The business has a fifty day simple moving average of $32.20 and a 200 day simple moving average of $30.82. The company has a market cap of $13.71 billion, a P/E ratio of 14.95, a P/E/G ratio of 2.00 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. Flex has a twelve month low of $21.84 and a twelve month high of $35.84.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. The firm had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. On average, sell-side analysts forecast that Flex will post 2.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock valued at $904,530 over the last quarter. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Boston Partners raised its holdings in shares of Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the period. Merewether Investment Management LP bought a new position in Flex in the second quarter worth approximately $72,808,000. Westfield Capital Management Co. LP acquired a new stake in Flex in the first quarter valued at approximately $51,543,000. Point72 Asset Management L.P. increased its holdings in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares in the last quarter. Finally, TCW Group Inc. raised its position in shares of Flex by 48.1% during the second quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock worth $50,479,000 after purchasing an additional 556,286 shares during the period. 94.30% of the stock is owned by institutional investors.

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.