KeyCorp Forecasts Strong Price Appreciation for Flex (NASDAQ:FLEX) Stock

Flex (NASDAQ:FLEX) had its price objective boosted by equities research analysts at KeyCorp from $50.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would suggest a potential upside of 16.17% from the stock’s current price.

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

Flex Stock Performance

FLEX stock opened at $51.65 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a market cap 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. Flex has a 12-month low of $25.11 and a 12-month high of $52.17. The stock’s 50 day simple moving average is $42.61 and its 200 day simple moving average is $39.21.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that Flex will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 35,393 shares of the firm’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the transaction, the insider directly owned 293,195 shares of the company’s stock, valued at approximately $12,569,269.65. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the firm’s 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 transaction, the executive vice president directly owned 71,001 shares in the company, 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. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last three months. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FLEX. Rise Advisors LLC bought a new position in Flex during the first quarter valued at about $25,000. Cullen Frost Bankers Inc. bought a new position in Flex during the first quarter valued at about $26,000. Olde Wealth Management LLC bought a new position in Flex during the first quarter valued at about $26,000. CX Institutional bought a new position in Flex during the first quarter valued at about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Flex during the fourth quarter valued at about $35,000. 94.30% of the stock is owned by institutional investors and hedge funds.

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.