Flex (NASDAQ:FLEX) Given New $50.00 Price Target at Bank of America

Flex (NASDAQ:FLEX) had its price target hoisted by Bank of America from $48.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. Bank of America currently has a buy rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on FLEX. Stifel Nicolaus began coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Barclays boosted their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. KeyCorp reaffirmed an “overweight” rating on shares of Flex in a report on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 28th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and an average price target of $46.00.

Flex Stock Performance

FLEX stock opened at $43.72 on Monday. The stock’s 50 day simple moving average is $36.64 and its 200 day simple moving average is $38.19. Flex has a 12-month low of $25.11 and a 12-month high of $45.10. The firm has a market cap of $16.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.43 and a beta of 1.04. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion for the quarter, compared to analysts’ expectations of $6.22 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that Flex will post 2.33 EPS for the current year.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the completion of the transaction, the chief executive officer now directly owns 1,463,695 shares of the company’s stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 891,134 shares of company stock worth $36,818,451 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in Flex in the 1st quarter valued at about $25,000. Olde Wealth Management LLC acquired a new stake in Flex during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in Flex during the first quarter worth approximately $26,000. CX Institutional acquired a new position in Flex in the first quarter worth approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Flex in the fourth quarter valued at $35,000. Institutional investors own 94.30% of the company’s stock.

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.