Flex (NASDAQ:FLEX) Upgraded to Strong-Buy by KeyCorp

KeyCorp upgraded shares of Flex (NASDAQ:FLEX) to a strong-buy rating in a report released on Monday, Zacks.com reports.

Several other brokerages have also issued reports on FLEX. Barclays boosted their price target on shares of Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Stifel Nicolaus boosted their price target on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and upped their target price for the stock from $27.00 to $39.00 in a report on Thursday, July 25th. Finally, The Goldman Sachs Group set a $39.00 target price on shares of Flex in a report on Thursday, October 17th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $39.17.

Flex Price Performance

Shares of Flex stock opened at $34.26 on Monday. The stock has a market capitalization of $13.66 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 2.00 and a beta of 1.09. Flex has a 1-year low of $21.84 and a 1-year high of $35.84. The firm has a fifty day simple moving average of $32.27 and a 200-day simple moving average of $30.86. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate 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 expect that Flex will post 2.06 earnings per share for the current year.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated 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 $5,576,373.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Flex news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the transaction, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock valued at $904,530 in the last 90 days. 0.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FLEX. Boston Partners raised its position in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after acquiring an additional 10,201,162 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Flex by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock valued at $235,289,000 after acquiring an additional 127,688 shares during the period. Vanguard Group Inc. raised its position in shares of Flex by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 5,971,083 shares of the technology company’s stock valued at $170,833,000 after acquiring an additional 141,580 shares during the period. Merewether Investment Management LP acquired a new stake in shares of Flex in the 2nd quarter valued at approximately $72,808,000. Finally, Brandes Investment Partners LP raised its position in shares of Flex by 8.3% in the 2nd quarter. Brandes Investment Partners LP now owns 2,055,170 shares of the technology company’s stock valued at $60,592,000 after acquiring an additional 157,516 shares during the period. 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.