Bank of America Forecasts Strong Price Appreciation for Flex (NASDAQ:FLEX) Stock

Flex (NASDAQ:FLEX) had its price objective raised by analysts at Bank of America from $48.00 to $50.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s price target indicates a potential upside of 14.00% from the stock’s current price.

Several other analysts have also weighed in on FLEX. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Wall Street Zen upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. dropped their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group reduced their price objective on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, KeyCorp reissued an “overweight” rating on shares of Flex in a research note on Tuesday, June 3rd. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has an average rating of “Buy” and an average target price of $46.00.

Flex Trading Up 0.3%

Shares of FLEX stock opened at $43.86 on Monday. Flex has a 12 month low of $25.11 and a 12 month high of $45.10. The company has a market cap of $16.37 billion, a PE ratio of 17.69, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $36.93 and its two-hundred day moving average is $38.22.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts predict that Flex will post 2.33 EPS for the current year.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares of the company’s stock, valued at $42,363,431.37. This represents a 9.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 32,173 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $1,350,944.27. Following the completion of the transaction, the insider now owns 270,483 shares of the company’s stock, valued at $11,357,581.17. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 891,134 shares of company stock valued at $36,818,451 in the last three months. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLEX. Invst LLC bought a new stake in shares of Flex during the first quarter worth approximately $615,000. Advisors Capital Management LLC increased its holdings in Flex by 8.4% in the first quarter. Advisors Capital Management LLC now owns 7,610 shares of the technology company’s stock valued at $252,000 after purchasing an additional 589 shares during the last quarter. Flaharty Asset Management LLC acquired a new position in shares of Flex during the 1st quarter worth about $66,000. Bayforest Capital Ltd increased its stake in shares of Flex by 369.9% in the 1st quarter. Bayforest Capital Ltd now owns 14,521 shares of the technology company’s stock valued at $480,000 after acquiring an additional 11,431 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Flex by 16.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,135,247 shares of the technology company’s stock valued at $103,714,000 after acquiring an additional 453,455 shares during the period. 94.30% of the stock is owned by 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.