Flex (NASDAQ:FLEX) Rating Increased to Strong-Buy at KeyCorp

Flex (NASDAQ:FLEX) was upgraded by stock analysts at KeyCorp to a “strong-buy” rating in a research note issued on Monday, Zacks.com reports.

Several other equities analysts have also weighed in on FLEX. Barclays lifted their target price 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 downgraded shares of Flex from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. raised 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. Craig Hallum raised Flex from a “hold” rating to a “buy” rating and upped their price target 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 price objective on Flex in a report on Thursday, October 17th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $39.17.

Flex Price Performance

NASDAQ:FLEX opened at $34.26 on Monday. The firm’s fifty day moving average is $32.27 and its two-hundred day moving average is $30.86. The firm has a market cap 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 one year low of $21.84 and a one year high of $35.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40.

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

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the business’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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Kwang Hooi Tan sold 8,028 shares of the business’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 of the company’s stock, valued at approximately $5,576,373.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at $5,209,197.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock valued at $904,530 over the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its position in shares of Flex by 2.8% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 94,728 shares of the technology company’s stock valued at $3,167,000 after buying an additional 2,573 shares during the period. Graybill Wealth Management LTD. increased its stake in Flex by 1.6% during the third quarter. Graybill Wealth Management LTD. now owns 200,535 shares of the technology company’s stock worth $6,704,000 after acquiring an additional 3,169 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Flex in the third quarter valued at $250,000. Whittier Trust Co. lifted its stake in shares of Flex by 79.4% in the 3rd quarter. Whittier Trust Co. now owns 3,284 shares of the technology company’s stock valued at $110,000 after purchasing an additional 1,453 shares during the last quarter. Finally, Veracity Capital LLC grew its holdings in shares of Flex by 16.0% during the 3rd quarter. Veracity Capital LLC now owns 15,226 shares of the technology company’s stock worth $509,000 after purchasing an additional 2,102 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.