Flex (NASDAQ:FLEX) Rating Increased to Strong-Buy at Zacks Research

Flex (NASDAQ:FLEX) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

FLEX has been the subject of a number of other research reports. Raymond James Financial set a $80.00 price target on Flex and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. Barclays increased their price target on Flex from $72.00 to $174.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. KeyCorp increased their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price target on Flex in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group increased their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $112.80.

Flex Stock Performance

FLEX opened at $143.60 on Wednesday. The firm has a market cap of $52.80 billion, a P/E ratio of 61.63 and a beta of 1.46. Flex has a 1-year low of $40.15 and a 1-year high of $147.34. The company has a 50 day simple moving average of $82.32 and a two-hundred day simple moving average of $69.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion for the quarter. Equities analysts forecast that Flex will post 4.15 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Kwang Hooi Tan sold 26,175 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the completion of the transaction, the chief operating officer owned 256,043 shares in the company, valued at approximately $36,452,841.91. This represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 22,212 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.40, for a total transaction of $3,162,988.80. Following the transaction, the executive vice president owned 74,926 shares of the company’s stock, valued at approximately $10,669,462.40. This represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 223,512 shares of company stock valued at $30,283,218 in the last quarter. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in Flex during the fourth quarter valued at $28,000. Parkside Financial Bank & Trust raised its stake in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after purchasing an additional 166 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in Flex during the fourth quarter valued at $28,000. CENTRAL TRUST Co raised its stake in Flex by 238.3% during the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after purchasing an additional 355 shares in the last quarter. Finally, Gables Capital Management Inc. purchased a new stake in Flex during the fourth quarter valued at $42,000. Institutional investors own 94.30% of the company’s stock.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.