Flex (NASDAQ:FLEX) Rating Increased to Buy at Craig Hallum

Flex (NASDAQ:FLEX) was upgraded by investment analysts at Craig Hallum from a “hold” rating to a “buy” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $39.00 price target on the technology company’s stock, up from their prior price target of $27.00. Craig Hallum’s price objective points to a potential upside of 21.84% from the company’s previous close.

A number of other research firms also recently issued reports on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Barclays increased their price objective on shares of Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.40.

Flex Stock Up 3.5 %

Shares of NASDAQ FLEX opened at $32.01 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.52 and a quick ratio of 0.79. Flex has a 1 year low of $21.84 and a 1 year high of $34.12. The stock has a market capitalization of $12.77 billion, a P/E ratio of 13.92, a P/E/G ratio of 2.07 and a beta of 1.12. The company has a 50-day moving average price of $31.14 and a 200-day moving average price of $28.59.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Flex had a return on equity of 15.53% and a net margin of 3.54%. On average, equities research analysts forecast that Flex will post 2.06 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Paul Lundstrom sold 200,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $32.46, for a total transaction of $6,492,000.00. Following the completion of the transaction, the chief financial officer now directly owns 294,027 shares of the company’s stock, valued at approximately $9,544,116.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Paul Lundstrom sold 200,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $32.46, for a total transaction of $6,492,000.00. Following the transaction, the chief financial officer now owns 294,027 shares of the company’s stock, valued at approximately $9,544,116.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Daniel Wendler sold 1,275 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $31.30, for a total value of $39,907.50. Following the transaction, the chief accounting officer now owns 32,510 shares of the company’s stock, valued at approximately $1,017,563. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 804,542 shares of company stock worth $25,147,972. Insiders own 0.82% of the company’s stock.

Institutional Trading of Flex

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. lifted its position in shares of Flex by 11.2% during the third quarter. American Century Companies Inc. now owns 160,097 shares of the technology company’s stock worth $4,319,000 after acquiring an additional 16,170 shares in the last quarter. Vanguard Group Inc. boosted its stake in Flex by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock worth $150,583,000 after purchasing an additional 302,086 shares during the period. Raymond James & Associates grew its holdings in Flex by 7.7% during the 4th quarter. Raymond James & Associates now owns 593,439 shares of the technology company’s stock valued at $18,076,000 after buying an additional 42,400 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Flex by 2.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 72,447 shares of the technology company’s stock valued at $2,207,000 after buying an additional 1,953 shares during the period. Finally, Global Retirement Partners LLC lifted its holdings in shares of Flex by 8.4% in the fourth quarter. Global Retirement Partners LLC now owns 8,746 shares of the technology company’s stock worth $266,000 after buying an additional 679 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

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.