Flex (NASDAQ:FLEX) Hits New 1-Year High Following Analyst Upgrade

Flex Ltd. (NASDAQ:FLEX)’s share price reached a new 52-week high during trading on Wednesday after KeyCorp raised their price target on the stock from $50.00 to $60.00. KeyCorp currently has an overweight rating on the stock. Flex traded as high as $50.77 and last traded at $50.74, with a volume of 4646114 shares. The stock had previously closed at $48.49.

FLEX has been the topic of several other research reports. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 27th. Bank of America upped their price target on Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group cut their price target on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $48.29.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 6,887 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the insider owned 303,718 shares of the company’s stock, valued at $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Revathi Advaithi sold 37,465 shares of Flex stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $1,686,299.65. Following the completion of the sale, the chief executive officer directly owned 1,363,312 shares in the company, valued at approximately $61,362,673.12. This represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last 90 days. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Evergreen Capital Management LLC grew its stake in Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after purchasing an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Flex by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after purchasing an additional 266 shares during the period. Dynasty Wealth Management LLC boosted its stake in Flex by 0.7% in the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after purchasing an additional 276 shares during the period. WealthTrust Axiom LLC lifted its position in shares of Flex by 1.8% during the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock valued at $566,000 after acquiring an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. lifted its position in shares of Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after acquiring an additional 306 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Trading Up 1.8%

The business has a 50-day moving average price of $42.61 and a two-hundred day moving average price of $39.21. The stock has a market capitalization of $19.30 billion, a P/E ratio of 24.36, a P/E/G ratio of 1.88 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. Flex’s revenue was up 3.7% on a year-over-year basis. On average, analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.