Flex (NASDAQ:FLEX) Raised to “Strong-Buy” at KeyCorp

Flex (NASDAQ:FLEX) was upgraded by equities researchers at KeyCorp to a “strong-buy” rating in a report issued on Monday, Zacks.com reports.

Several other brokerages have also issued reports on FLEX. Stifel Nicolaus raised their target price on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. The Goldman Sachs Group set a $39.00 price objective on Flex in a research note on Thursday, October 17th. Finally, Craig Hallum raised Flex from a “hold” rating to a “buy” rating and increased their target price for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $39.17.

Flex Stock Performance

FLEX stock opened at $34.26 on Monday. The stock has a market capitalization of $13.66 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 2.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The company has a 50 day moving average price of $32.27 and a 200 day moving average price of $30.86. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $35.84.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. The business had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. Analysts forecast that Flex will post 2.06 EPS for the current year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares in the company, valued at $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,028 shares of company stock worth $904,530. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in FLEX. SG Americas Securities LLC grew its holdings in shares of Flex by 441.6% during the second quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after buying an additional 38,711 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Flex by 254.9% in the second quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after purchasing an additional 36,465 shares during the last quarter. Twin Tree Management LP lifted its position in shares of Flex by 29,912.0% in the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock worth $2,782,000 after purchasing an additional 96,915 shares in the last quarter. Valliance Asset Management Ltd acquired a new position in Flex during the second quarter worth $2,654,000. Finally, Capstone Investment Advisors LLC bought a new position in Flex in the first quarter valued at $783,000. 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.