Flex (NASDAQ:FLEX) Stock Price Expected to Rise, Bank of America Analyst Says

Flex (NASDAQ:FLEX - Get Free Report) had its price target upped by equities researchers at Bank of America from $48.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Bank of America's price objective points to a potential upside of 15.45% from the stock's previous close.

Several other brokerages have also weighed in on FLEX. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. KeyCorp restated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flex presently has a consensus rating of "Buy" and an average target price of $46.00.

Flex Stock Performance

FLEX traded up $0.24 on Monday, hitting $43.31. 497,161 shares of the company traded hands, compared to its average volume of 3,857,484. The company has a 50 day moving average of $36.44 and a 200-day moving average of $38.17. Flex has a 12-month low of $25.11 and a 12-month high of $45.10. The stock has a market capitalization of $16.17 billion, a PE ratio of 17.49, a PEG 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 (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the prior year, the firm posted $0.57 EPS. The company's revenue was up 3.7% compared to the same quarter last year. Sell-side analysts anticipate that Flex will post 2.33 earnings per share for the current year.

Insider Buying and Selling at Flex

In related news, CAO Daniel Wendler sold 1,619 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $42.91, for a total transaction of $69,471.29. Following the completion of the sale, the chief accounting officer now directly owns 37,057 shares in the company, valued at approximately $1,590,115.87. This trade represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares in the company, valued at $2,586,566.43. The trade was a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 891,134 shares of company stock valued at $36,818,451. Company insiders own 0.82% of the company's stock.

Institutional Trading of Flex

Several institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new stake in shares of Flex during the first quarter worth $25,000. Olde Wealth Management LLC acquired a new stake in Flex in the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Flex during the 1st quarter worth $26,000. CX Institutional bought a new position in shares of Flex during the 1st quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Flex in the fourth quarter worth about $35,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.