Flex (NASDAQ:FLEX) Upgraded to Buy by StockNews.com

Flex (NASDAQ:FLEX – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other research analysts have also issued reports on the company. Argus upgraded Flex from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, May 18th. The Goldman Sachs Group reduced their price objective on Flex from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, June 1st.

Flex Price Performance

Shares of NASDAQ FLEX opened at $17.16 on Friday. Flex has a twelve month low of $13.63 and a twelve month high of $19.50. The company has a current ratio of 1.31, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 8.89, a price-to-earnings-growth ratio of 0.62 and a beta of 1.53. The business has a 50 day simple moving average of $15.56 and a 200-day simple moving average of $16.33.

Flex (NASDAQ:FLEX – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. Flex had a return on equity of 23.91% and a net margin of 3.40%. The business had revenue of $6.85 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities research analysts expect that Flex will post 1.71 earnings per share for the current year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 12,984 shares of the business’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $17.48, for a total transaction of $226,960.32. Following the completion of the transaction, the executive vice president now owns 204,950 shares in the company, valued at approximately $3,582,526. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Revathi Advaithi sold 417,739 shares of the company’s stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $14.41, for a total value of $6,019,618.99. Following the completion of the sale, the chief executive officer now owns 1,472,652 shares in the company, valued at $21,220,915.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Scott Offer sold 12,984 shares of the company’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $17.48, for a total value of $226,960.32. Following the completion of the sale, the executive vice president now owns 204,950 shares of the company’s stock, valued at approximately $3,582,526. The disclosure for this sale can be found here. In the last quarter, insiders sold 637,237 shares of company stock worth $9,633,019. 0.54% of the stock is owned by company insiders.

Institutional Trading of Flex

Several institutional investors have recently modified their holdings of FLEX. Invesco Ltd. lifted its holdings in shares of Flex by 119.3% in the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after buying an additional 5,741,044 shares during the period. Millennium Management LLC lifted its holdings in shares of Flex by 322.7% in the fourth quarter. Millennium Management LLC now owns 5,603,500 shares of the technology company’s stock valued at $102,712,000 after buying an additional 4,277,817 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Flex by 12.2% in the fourth quarter. Victory Capital Management Inc. now owns 19,581,382 shares of the technology company’s stock valued at $358,927,000 after buying an additional 2,124,940 shares during the period. Boston Partners raised its position in shares of Flex by 16.4% during the first quarter. Boston Partners now owns 13,263,113 shares of the technology company’s stock worth $245,975,000 after purchasing an additional 1,866,361 shares during the period. Finally, Nishkama Capital LLC raised its position in shares of Flex by 72.3% during the fourth quarter. Nishkama Capital LLC now owns 4,215,713 shares of the technology company’s stock worth $77,274,000 after purchasing an additional 1,768,500 shares during the period. Institutional investors and hedge funds own 95.95% of the company’s stock.

Flex Company Profile

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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio.

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