The Goldman Sachs Group Lowers Flex (NASDAQ:FLEX) Price Target to $41.00

Flex (NASDAQ:FLEX) had its target price lowered by analysts at The Goldman Sachs Group from $53.00 to $41.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 38.56% from the stock’s current price.

Several other research analysts have also recently issued reports on FLEX. KeyCorp dropped their price target on Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Trading Up 0.6 %

Flex stock opened at $29.59 on Thursday. Flex has a 12-month low of $25.11 and a 12-month high of $45.10. The stock has a market capitalization of $11.34 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. The firm has a 50 day simple moving average of $36.20 and a 200-day simple moving average of $37.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, equities research analysts expect that Flex will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of institutional investors have recently modified their holdings of FLEX. United Services Automobile Association bought a new position in shares of Flex in the fourth quarter worth about $982,000. Brandywine Global Investment Management LLC grew its holdings in shares of Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock worth $5,119,000 after purchasing an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC bought a new stake in shares of Flex during the fourth quarter valued at approximately $7,864,000. Raymond James Financial Inc. acquired a new stake in shares of Flex in the fourth quarter valued at approximately $32,293,000. Finally, American Century Companies Inc. raised its position in Flex by 19.7% in the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock worth $26,637,000 after purchasing an additional 114,350 shares during the last quarter. 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.