Wall Street Zen Upgrades Flex (NASDAQ:FLEX) to Strong-Buy

Wall Street Zen upgraded shares of Flex (NASDAQ:FLEX - Free Report) from a hold rating to a strong-buy rating in a report issued on Wednesday.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. KeyCorp raised their price objective on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group dropped 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. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. Finally, Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $45.33.

Flex Stock Up 0.5%

NASDAQ FLEX traded up $0.19 during mid-day trading on Wednesday, hitting $42.13. The company's stock had a trading volume of 4,449,214 shares, compared to its average volume of 3,905,708. The company's 50 day simple moving average is $35.55 and its 200 day simple moving average is $38.01. Flex has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $15.73 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter last year, the firm posted $0.57 EPS. Flex's revenue was up 3.7% compared to the same quarter last year. Analysts anticipate that Flex will post 2.33 earnings per share for the current year.

Insider Transactions at Flex

In related news, Director Erin Mcsweeney sold 14,000 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.94, for a total value of $587,160.00. Following the sale, the director now directly owns 22,299 shares in the company, valued at approximately $935,220.06. The trade was a 38.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Revathi Advaithi sold 164,700 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $6,915,753.00. Following the completion of the sale, the chief executive officer now owns 1,319,823 shares in the company, valued at $55,419,367.77. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 489,255 shares of company stock worth $19,589,788 in the last ninety days. Company insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On Flex

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners grew its holdings in Flex by 2.2% during the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after buying an additional 569,916 shares in the last quarter. Wellington Management Group LLP grew its holdings in Flex by 4.8% during the 1st quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company's stock valued at $719,232,000 after buying an additional 996,276 shares in the last quarter. Vanguard Group Inc. grew its holdings in Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after buying an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Flex by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after buying an additional 916,085 shares in the last quarter. Finally, Invesco Ltd. grew 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 in the last quarter. 94.30% of the stock is currently owned by institutional investors.

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.