JPMorgan Chase & Co. Has Lowered Expectations for Flex (NASDAQ:FLEX) Stock Price

Flex (NASDAQ:FLEX) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $52.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 26.84% from the company’s current price.

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

Flex Stock Performance

NASDAQ:FLEX opened at $31.54 on Thursday. The company 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 has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a fifty day moving average price of $34.99 and a 200-day moving average price of $37.34.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data 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 net margin of 3.95% and a return on equity of 17.93%. As a group, equities analysts anticipate that Flex will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction that occurred 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 owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the transaction, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CX Institutional bought a new stake in Flex in the first quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the 4th quarter valued at $35,000. R Squared Ltd acquired a new position in shares of Flex during the 4th quarter valued at $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after acquiring an additional 509 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Flex in the fourth quarter valued at $38,000. 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.