Flex (NASDAQ:FLEX - Get Free Report) had its price objective boosted by stock analysts at Barclays from $50.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Barclays's price target indicates a potential upside of 20.02% from the stock's current price.
A number of other research analysts also recently issued reports on the company. Stifel Nicolaus boosted their price objective on Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Friday. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a research note on Friday, July 11th. KeyCorp boosted their price objective on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price objective on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Flex currently has an average rating of "Buy" and a consensus price target of $53.71.
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Flex Stock Performance
Shares of NASDAQ FLEX traded up $0.32 during midday trading on Friday, hitting $49.99. 3,961,468 shares of the company's stock traded hands, compared to its average volume of 5,286,389. Flex has a 1 year low of $25.11 and a 1 year high of $53.97. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.79 and a current ratio of 1.36. The firm has a fifty day moving average of $47.06 and a 200 day moving average of $40.64.
Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. Flex had a net margin of 3.42% and a return on equity of 20.25%. The firm had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The business's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, analysts forecast that Flex will post 2.33 earnings per share for the current year.
Insider Transactions at Flex
In other news, insider Michael P. Hartung sold 35,393 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the transaction, the insider directly owned 293,195 shares in the company, valued at approximately $12,569,269.65. This represents a 10.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president owned 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last quarter. 0.57% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Norges Bank bought a new position in shares of Flex during the 4th quarter valued at approximately $229,484,000. Invesco Ltd. raised its holdings in Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock valued at $276,652,000 after buying an additional 2,968,285 shares during the period. Pacer Advisors Inc. raised its holdings in Flex by 3,794.6% during the 1st quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after buying an additional 2,825,667 shares during the period. Neuberger Berman Group LLC raised its holdings in Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock valued at $47,528,000 after buying an additional 1,229,106 shares during the period. Finally, Alyeska Investment Group L.P. raised its holdings in Flex by 73.6% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company's stock valued at $91,888,000 after buying an additional 1,177,970 shares during the period. 94.30% of the stock is currently owned by institutional investors.
About Flex
(
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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.
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