Barclays Issues Positive Forecast for Flex (NASDAQ:FLEX) Stock Price

Flex (NASDAQ:FLEX) had its price target lifted by Barclays from $43.00 to $49.00 in a research report released on Thursday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, January 24th. Craig Hallum raised their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Stifel Nicolaus raised their price target on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, KeyCorp assumed coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $43.67.

Flex Trading Up 1.4 %

Shares of FLEX opened at $42.08 on Thursday. Flex has a 1 year low of $23.64 and a 1 year high of $45.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The stock has a 50 day simple moving average of $39.95 and a 200-day simple moving average of $35.35. The stock has a market cap of $16.32 billion, a PE ratio of 16.97, a PEG ratio of 2.61 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.83% and a net margin of 3.95%. On average, sell-side analysts predict that Flex will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the transaction, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after acquiring an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Simcoe Capital Management LLC bought a new position in Flex during the third quarter worth about $22,075,000. State Street Corp lifted its holdings in Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after acquiring an additional 603,208 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Flex by 2,600.1% in the third quarter. BNP Paribas Financial Markets now owns 493,659 shares of the technology company’s stock valued at $16,503,000 after purchasing an additional 475,376 shares in the last quarter. 94.30% of the stock is currently 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.