Flex (NASDAQ:FLEX) Upgraded at Craig Hallum

Craig Hallum upgraded shares of Flex (NASDAQ:FLEX) from a hold rating to a buy rating in a research note published on Thursday, Marketbeat.com reports. They currently have $39.00 price target on the technology company’s stock, up from their previous price target of $27.00.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Flex from $34.00 to $40.00 and gave the company an overweight rating in a report on Tuesday, July 23rd. Barclays boosted their price objective on Flex from $30.00 to $34.00 and gave the company an overweight rating in a report on Thursday, May 2nd. Finally, StockNews.com upgraded Flex from a hold rating to a buy rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $38.40.

Flex Price Performance

NASDAQ:FLEX opened at $32.01 on Thursday. Flex has a 52 week low of $21.84 and a 52 week high of $34.12. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $12.77 billion, a P/E ratio of 13.92, a P/E/G ratio of 2.14 and a beta of 1.12. The stock’s fifty day moving average is $31.14 and its two-hundred day moving average is $28.67.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Flex had a return on equity of 15.53% and a net margin of 3.54%. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.10 billion. Equities analysts expect that Flex will post 2.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Michael D. Capellas sold 78,872 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $33.64, for a total transaction of $2,653,254.08. Following the completion of the transaction, the director now directly owns 219,037 shares of the company’s stock, valued at approximately $7,368,404.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Michael D. Capellas sold 78,872 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $33.64, for a total transaction of $2,653,254.08. Following the completion of the transaction, the director now directly owns 219,037 shares of the company’s stock, valued at approximately $7,368,404.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 14,599 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the transaction, the insider now directly owns 163,656 shares of the company’s stock, valued at $4,688,744.40. The disclosure for this sale can be found here. Insiders sold 804,542 shares of company stock valued at $25,147,972 in the last three months. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Boston Partners boosted its position in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the period. Norges Bank acquired a new stake in shares of Flex in the 4th quarter valued at about $165,000,000. Westfield Capital Management Co. LP acquired a new stake in shares of Flex in the 1st quarter valued at about $51,543,000. California Public Employees Retirement System boosted its position in shares of Flex by 63.9% in the 4th quarter. California Public Employees Retirement System now owns 2,423,404 shares of the technology company’s stock valued at $73,817,000 after purchasing an additional 944,928 shares during the period. Finally, Troluce Capital Advisors LLC boosted its position in shares of Flex by 104.3% in the 4th quarter. Troluce Capital Advisors LLC now owns 1,125,000 shares of the technology company’s stock valued at $34,268,000 after purchasing an additional 574,308 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

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.