Flex (NASDAQ:FLEX) Sets New 1-Year High After Analyst Upgrade

Flex Ltd. (NASDAQ:FLEX - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after KeyCorp raised their price target on the stock from $50.00 to $60.00. KeyCorp currently has an overweight rating on the stock. Flex traded as high as $50.77 and last traded at $50.74, with a volume of 4646114 shares trading hands. The stock had previously closed at $48.49.

Several other equities research analysts have also issued reports on FLEX. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Bank of America raised their target price on Flex from $48.00 to $50.00 and gave the company a "buy" rating in a report on Monday, June 9th. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. decreased their target price on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $48.29.

Insider Activity

In other news, EVP David Scott Offer sold 6,887 shares of the firm's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the executive vice president owned 148,643 shares in the company, valued at approximately $6,690,421.43. This trade represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 1,245 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $56,037.45. Following the transaction, the chief accounting officer directly owned 47,619 shares in the company, valued at $2,143,331.19. This trade represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last 90 days. Company insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On Flex

Hedge funds have recently made changes to their positions in the stock. Boston Partners raised its holdings in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after acquiring an additional 569,916 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Flex by 4.8% during the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company's stock valued at $719,232,000 after purchasing an additional 996,276 shares during the period. Vanguard Group Inc. raised its stake in shares of Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after purchasing an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Flex by 12.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after purchasing an additional 916,085 shares during the period. Finally, Invesco Ltd. boosted its stake in Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock worth $276,652,000 after buying an additional 2,968,285 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Flex Price Performance

The stock has a market cap of $19.30 billion, a P/E ratio of 24.36, a price-to-earnings-growth ratio of 1.88 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The company's fifty day simple moving average is $42.61 and its 200-day simple moving average is $39.21.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period in the previous year, the business earned $0.57 EPS. The firm's revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

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.