Flex (NASDAQ:FLEX) Price Target Raised to $44.00 at KeyCorp

Flex (NASDAQ:FLEX) had its target price raised by KeyCorp from $35.00 to $44.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts also recently commented on FLEX. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Barclays boosted their target price on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $45.33.

Flex Stock Performance

NASDAQ FLEX opened at $38.48 on Friday. Flex has a twelve month low of $25.11 and a twelve month high of $45.10. 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 stock has a market cap of $14.74 billion, a P/E ratio of 15.52, a PEG ratio of 2.43 and a beta of 0.96. The company’s 50-day simple moving average is $33.55 and its 200 day simple moving average is $37.51.

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

Insider Activity

In other Flex news, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total value of $4,581,465.20. Following the transaction, the chief executive officer now directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares of the company’s stock, valued at $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Flex

Several institutional investors have recently modified their holdings of the business. Deutsche Bank AG boosted its stake in Flex by 1.4% in the first quarter. Deutsche Bank AG now owns 55,177 shares of the technology company’s stock valued at $1,825,000 after acquiring an additional 774 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in shares of Flex in the 1st quarter worth $1,205,000. Maxi Investments CY Ltd grew its stake in shares of Flex by 46.9% during the first quarter. Maxi Investments CY Ltd now owns 65,493 shares of the technology company’s stock worth $2,167,000 after purchasing an additional 20,918 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Flex by 40.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 28,532 shares of the technology company’s stock valued at $944,000 after acquiring an additional 8,162 shares during the last quarter. Finally, Natixis Advisors LLC grew its holdings in Flex by 21.5% during the first quarter. Natixis Advisors LLC now owns 70,742 shares of the technology company’s stock valued at $2,340,000 after purchasing an additional 12,503 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.