Flex (NASDAQ:FLEX) Stock Gets Price Target Reduction from KeyCorp

Flex (NASDAQ:FLEX) had its price target reduced by analysts at KeyCorp from $180.00 to $128.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp‘s target price indicates a potential upside of 59.99% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Weiss Ratings downgraded Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Barclays dropped their price target on Flex from $144.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. The Goldman Sachs Group cut their price target on Flex from $154.00 to $145.00 in a report on Friday, October 16th. Wall Street Zen raised Flex from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Finally, Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $138.88.

Flex Price Performance

NASDAQ:FLEX traded up $1.04 on Thursday, reaching $80.01. 740,833 shares of the company’s stock traded hands, compared to its average volume of 4,929,474. The company has a quick ratio of 0.85, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock has a 50-day simple moving average of $100.48 and a 200-day simple moving average of $103.34. The firm has a market cap of $29.56 billion, a PE ratio of 28.58, a P/E/G ratio of 0.35 and a beta of 1.80. Flex has a 12 month low of $53.07 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, October 28th. The technology company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. Flex had a return on equity of 24.93% and a net margin of 3.35%. The firm had revenue of $8.49 billion during the quarter, compared to analyst estimates of $8.17 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. Equities research analysts forecast that Flex will post 4.52 earnings per share for the current year.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 2,755 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total transaction of $332,363.20. Following the transaction, the insider owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. The trade was a 1.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Flex

Institutional investors have recently bought and sold shares of the stock. Burkett Financial Services LLC purchased a new position in Flex during the third quarter worth $25,000. Reyes Financial Architecture Inc. purchased a new stake in shares of Flex in the third quarter valued at $28,000. Rosenberg Matthew Hamilton bought a new stake in shares of Flex in the 3rd quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Flex in the 3rd quarter worth about $40,000. Finally, Meramec Financial Planners LLC purchased a new position in shares of Flex during the 3rd quarter worth about $57,000. 94.30% of the stock is currently owned by institutional investors.

Key Stories Impacting Flex

Here are a few of the latest stories about FLEX:

• Positive Sentiment: Analysts remain optimistic: Barchart says Flex has outperformed the broader market over the past year and that analysts are highly optimistic about its prospects. Is Wall Street Bullish or Bearish on Flex Ltd. Stock?
• Positive Sentiment: AI infrastructure exposure: Zacks included FLEX among three AI infrastructure companies it views as attractively valued, with growth forecasts and potential upside supporting the investment case. The article presents Flex alongside other companies rather than detailing a new FLEX-specific forecast. Buy 3 Top-Ranked Undervalued AI Infrastructure Giants to Boost Gains
• Positive Sentiment: Record sales and product capabilities in focus: Recent coverage examines what Flex’s record sales growth may indicate, while its Innovation Day materials showcase Flex and Axiom Technology. These stories may reinforce the company’s growth and technology narrative, though the supplied information does not cite new financial targets. What Does Flex’s Record Sales Growth Really Show? Flex Innovation Day showcase

Flex Company Profile

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.