JPMorgan Chase & Co. Boosts Flex (NASDAQ:FLEX) Price Target to $60.00

Flex (NASDAQ:FLEX - Get Free Report) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $44.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 12.54% from the company's current price.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a report on Friday, July 11th. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. KeyCorp upped their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Finally, Bank of America lifted their price objective on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Flex currently has an average rating of "Buy" and a consensus target price of $52.29.

Flex Price Performance

NASDAQ FLEX traded up $1.47 during trading on Thursday, hitting $53.32. 1,889,243 shares of the company's stock were exchanged, compared to its average volume of 4,040,578. The company has a market cap of $19.92 billion, a PE ratio of 25.15, a P/E/G ratio of 1.91 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The stock's 50 day moving average price is $45.46 and its two-hundred day moving average price is $40.02. Flex has a fifty-two week low of $25.11 and a fifty-two week high of $53.43.

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, topping analysts' consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The business had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts expect that Flex will post 2.33 EPS for the current year.

Insider Transactions at Flex

In related news, COO Kwang Hooi Tan sold 37,533 shares of Flex stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the sale, the chief operating officer owned 269,151 shares of the company's stock, valued at approximately $11,538,503.37. This trade represents a 12.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 35,393 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the transaction, the insider directly owned 293,195 shares in the company, valued at $12,569,269.65. This trade represents a 10.77% decrease in their ownership of the stock. 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. Insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GC Wealth Management RIA LLC purchased a new stake in Flex during the second quarter worth about $231,000. Uncommon Cents Investing LLC increased its stake in shares of Flex by 4.1% during the 2nd quarter. Uncommon Cents Investing LLC now owns 6,850 shares of the technology company's stock worth $342,000 after purchasing an additional 270 shares during the last quarter. BayBridge Capital Group LLC raised its holdings in shares of Flex by 2.1% in the 2nd quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company's stock worth $569,000 after purchasing an additional 235 shares during the period. Sage Rhino Capital LLC grew its holdings in Flex by 3.5% during the second quarter. Sage Rhino Capital LLC now owns 33,372 shares of the technology company's stock valued at $1,666,000 after purchasing an additional 1,141 shares during the period. Finally, Brave Asset Management Inc. purchased a new stake in Flex in the second quarter worth $250,000. Hedge funds and other institutional investors 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.

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.