Flex (NASDAQ:FLEX) Given New $58.00 Price Target at Bank of America

Flex (NASDAQ:FLEX - Get Free Report) had its price objective upped by research analysts at Bank of America from $50.00 to $58.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Bank of America's price target would indicate a potential upside of 11.13% from the stock's current price.

FLEX has been the topic of several other reports. KeyCorp increased their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group lowered their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Wall Street Zen cut shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Barclays raised their target price on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $49.43.

Flex Stock Up 0.5%

FLEX stock traded up $0.26 during mid-day trading on Thursday, hitting $52.19. 2,857,745 shares of the company were exchanged, compared to its average volume of 4,035,944. The firm's 50 day simple moving average is $44.27 and its 200 day simple moving average is $39.67. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. Flex has a 1-year low of $25.11 and a 1-year high of $52.54. The firm has a market cap of $19.50 billion, a P/E ratio of 24.62, a P/E/G ratio of 1.92 and a beta of 1.07.

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

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 6,887 shares of the firm's stock in a transaction that occurred 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 insider owned 303,718 shares in the company, valued at $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Kwang Hooi Tan sold 8,509 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $382,990.09. Following the completion of the sale, the chief operating officer owned 276,136 shares in the company, valued at $12,428,881.36. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock worth $47,582,965 in the last three months. Company insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On Flex

Large investors have recently modified their holdings of the business. Rise Advisors LLC bought a new position in shares of Flex during the first quarter valued at $25,000. Olde Wealth Management LLC bought a new position in shares of Flex during the first quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Flex during the first quarter valued at $26,000. CX Institutional bought a new position in shares of Flex during the first quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Flex during the fourth quarter valued at $35,000. Institutional investors own 94.30% of the company's stock.

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.