Barclays Issues Positive Forecast for Flex (NASDAQ:FLEX) Stock Price

Flex (NASDAQ:FLEX) had its target price raised by Barclays from $43.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective would suggest a potential upside of 18.04% from the company’s previous close.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a research report on Thursday, October 17th. Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. KeyCorp began coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. Finally, Stifel Nicolaus raised their target price on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex presently has a consensus rating of “Buy” and a consensus price target of $43.67.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $41.51 on Thursday. The company’s 50 day moving average price is $39.92 and its two-hundred day moving average price is $35.30. Flex has a 12-month low of $23.43 and a 12-month high of $45.10. The firm has a market cap of $16.10 billion, a PE ratio of 18.37, a PEG ratio of 2.81 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

Flex (NASDAQ:FLEX) last announced its earnings results 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 3.62% and a return on equity of 16.66%. Equities research analysts predict that Flex will post 2.15 earnings per share for the current year.

Insider Activity

In related news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently bought and sold shares of FLEX. Geode Capital Management LLC raised its stake in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Flex by 462.2% in the third 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. Simcoe Capital Management LLC acquired a new stake in Flex in the third quarter worth $22,075,000. State Street Corp grew its holdings in Flex by 19.7% in the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after purchasing an additional 603,208 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Flex by 2,600.1% in the third quarter. BNP Paribas Financial Markets now owns 493,659 shares of the technology company’s stock worth $16,503,000 after purchasing an additional 475,376 shares during the period. Institutional investors 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.