Flex (NASDAQ:FLEX) Price Target Raised to $50.00

Flex (NASDAQ:FLEX - Get Free Report) had its target price upped by stock analysts at Bank of America from $48.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Bank of America's target price would suggest a potential upside of 14.76% from the stock's current price.

A number of other equities analysts have also weighed in on the company. Stifel Nicolaus assumed 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. JPMorgan Chase & Co. dropped their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. KeyCorp reaffirmed an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $46.00.

Flex Price Performance

Shares of Flex stock traded down $0.07 during trading hours on Monday, reaching $43.57. 4,152,376 shares of the company's stock were exchanged, compared to its average volume of 3,875,966. The business has a fifty day moving average of $37.58 and a two-hundred day moving average of $38.28. The company has a market capitalization of $16.27 billion, a P/E ratio of 17.57, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex has a 1 year low of $25.11 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex's revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, research analysts predict that Flex will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other news, CAO Daniel Wendler sold 1,619 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $42.91, for a total transaction of $69,471.29. Following the sale, the chief accounting officer now owns 37,057 shares of the company's stock, valued at approximately $1,590,115.87. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the transaction, the chief executive officer now owns 1,112,193 shares of the company's stock, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 891,134 shares of company stock valued at $36,818,451 in the last three months. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Boston Partners raised its holdings in shares of 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 purchasing an additional 569,916 shares in the last quarter. Wellington Management Group LLP increased its holdings in Flex by 4.8% in 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 buying an additional 996,276 shares during the last quarter. Vanguard Group Inc. raised its stake in 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 buying an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 worth $326,833,000 after buying an additional 916,085 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock worth $276,652,000 after acquiring an additional 2,968,285 shares in the last quarter. Hedge funds and other 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.