Flex (NASDAQ:FLEX) Stock Rating Upgraded by Wall Street Zen

Key Points

• Flex's stock rating was upgraded from "buy" to "strong-buy" by Wall Street Zen, indicating increased confidence from analysts.
• Bank of America and JPMorgan Chase adjusted their target prices for Flex to $58.00 and $60.00 respectively, reflecting positive sentiment among multiple research firms.
• Flex reported better-than-expected quarterly earnings with $0.72 EPS, surpassing estimates and showing a 4.1% year-over-year revenue growth.

Flex (NASDAQ:FLEX - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other research analysts have also weighed in on the stock. Bank of America boosted their target price on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a research report on Friday, July 11th. Stifel Nicolaus boosted their target price on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Barclays boosted their target price on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $53.71.

Flex Trading Up 0.6%

Shares of NASDAQ:FLEX opened at $49.99 on Friday. The stock has a market capitalization of $18.68 billion, a PE ratio of 21.93, a P/E/G ratio of 1.83 and a beta of 1.07. Flex has a 1 year low of $25.11 and a 1 year high of $53.97. The firm has a fifty day moving average price of $47.06 and a 200 day moving average price of $40.64. The company has a current ratio of 1.36, a quick ratio of 0.79 and a debt-to-equity ratio of 0.59.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion during the quarter, compared to analysts' expectations of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. Flex's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. Analysts expect that Flex will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the transaction, the insider owned 303,718 shares of the company's stock, valued at $13,670,347.18. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 37,465 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the transaction, the chief executive officer directly owned 1,363,312 shares of the company's stock, valued at $61,362,673.12. This trade represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock valued at $47,582,965 in the last quarter. 0.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. BayBridge Capital Group LLC increased its holdings in shares of Flex by 2.1% during the second quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company's stock worth $569,000 after buying an additional 235 shares in the last quarter. Pinnacle Bancorp Inc. increased its holdings in shares of Flex by 39.4% during the second quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company's stock worth $43,000 after buying an additional 244 shares in the last quarter. Evergreen Capital Management LLC increased its holdings in shares of Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock worth $925,000 after buying an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after buying an additional 266 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Flex by 1.8% during the second quarter. Farther Finance Advisors LLC now owns 15,206 shares of the technology company's stock worth $759,000 after buying an additional 266 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

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.

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