Flex (NASDAQ:FLEX) Price Target Cut to $40.00 by Analysts at JPMorgan Chase & Co.

Flex (NASDAQ:FLEX) had its price target cut by JPMorgan Chase & Co. from $52.00 to $40.00 in a research report released on Thursday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on FLEX. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. KeyCorp cut their price objective on Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Barclays increased their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex has an average rating of “Buy” and a consensus price target of $43.67.

Flex Stock Up 2.0 %

Flex stock opened at $31.54 on Thursday. Flex has a 12 month low of $25.11 and a 12 month high of $45.10. The stock has a fifty day simple moving average of $34.99 and a two-hundred day simple moving average of $37.38. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market cap of $12.08 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS 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%. Equities analysts predict that Flex will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, 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 owned by company insiders.

Institutional Investors Weigh In On Flex

A number of institutional investors have recently added to or reduced their stakes in FLEX. CX Institutional purchased a new position in shares of Flex in the first quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Flex in the 4th quarter valued at $35,000. R Squared Ltd purchased a new stake in Flex in the 4th quarter worth $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Flex during the fourth quarter valued at about $38,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

About Flex

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.