Flex (NASDAQ:FLEX) Earns Buy Rating from Analysts at Stifel Nicolaus

Stifel Nicolaus initiated coverage on shares of Flex (NASDAQ:FLEX) in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $52.00 target price on the technology company’s stock.

Several other research analysts have also recently issued reports on FLEX. Craig Hallum upped their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Barclays upped their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a research report on Saturday, February 1st. The Goldman Sachs Group set a $39.00 target price on Flex in a research report on Thursday, October 17th. Finally, KeyCorp initiated coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $44.33.

Flex Stock Down 1.4 %

Flex stock opened at $42.39 on Tuesday. The stock has a market cap of $16.24 billion, a PE ratio of 17.09, a P/E/G ratio of 2.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.85. The stock’s fifty day moving average is $40.50 and its two-hundred day moving average is $36.14. Flex has a 1-year low of $25.27 and a 1-year high of $45.10.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, sell-side analysts expect that Flex will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Flex during the fourth quarter worth $229,484,000. Geode Capital Management LLC boosted its position in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after purchasing an additional 2,170,262 shares during the period. Invesco Ltd. increased its holdings in shares of Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after purchasing an additional 1,327,298 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.