JPMorgan Chase & Co. Boosts Flex (NASDAQ:FLEX) Price Target to $34.00

Flex (NASDAQ:FLEX - Free Report) had its price target lifted by JPMorgan Chase & Co. from $32.00 to $34.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the technology company's stock.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group increased their price objective on Flex from $29.00 to $37.00 and gave the company a buy rating in a report on Monday, March 4th. StockNews.com initiated coverage on Flex in a research note on Wednesday, March 6th. They issued a hold rating on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $34.20.

Flex Stock Up 2.3 %

NASDAQ:FLEX traded up $0.65 during mid-day trading on Thursday, hitting $29.10. 3,072,635 shares of the company's stock traded hands, compared to its average volume of 5,098,604. The company has a fifty day moving average of $28.06 and a 200 day moving average of $26.64. Flex has a twelve month low of $19.44 and a twelve month high of $30.93. The company has a market capitalization of $12.26 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.78 and a beta of 1.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.10. The business had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. Flex had a return on equity of 16.24% and a net margin of 2.56%. On average, analysts forecast that Flex will post 2.16 EPS for the current year.

Insider Transactions at Flex

In other Flex news, EVP David Scott Offer sold 75,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Flex news, CAO Daniel Wendler sold 1,860 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the transaction, the chief accounting officer now owns 28,730 shares of the company's stock, valued at $830,009.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares of the company's stock, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. Insiders have sold 141,943 shares of company stock worth $4,055,311 over the last quarter. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flex

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Flex by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 363,665 shares of the technology company's stock valued at $6,745,000 after purchasing an additional 33,349 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Flex by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 590,073 shares of the technology company's stock valued at $10,946,000 after purchasing an additional 44,642 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Flex by 14.1% in the first quarter. American Century Companies Inc. now owns 130,278 shares of the technology company's stock valued at $2,417,000 after purchasing an additional 16,073 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Flex by 1.0% in the first quarter. HighTower Advisors LLC now owns 86,350 shares of the technology company's stock valued at $1,600,000 after purchasing an additional 853 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in shares of Flex in the first quarter valued at approximately $201,000. Institutional investors and hedge funds 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.