Flex (NASDAQ:FLEX) Price Target Lowered to $35.00 at KeyCorp

Flex (NASDAQ:FLEX) had its price target reduced by equities research analysts at KeyCorp from $46.00 to $35.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target suggests a potential upside of 10.83% from the company’s previous close.

FLEX has been the topic of several other reports. Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $43.33.

Flex Trading Up 13.6 %

Shares of NASDAQ:FLEX opened at $31.58 on Tuesday. Flex has a 12-month low of $25.11 and a 12-month high of $45.10. The business’s fifty day simple moving average is $36.67 and its 200-day simple moving average is $37.48. The company has a market capitalization of $12.10 billion, a PE ratio of 12.73, a P/E/G ratio of 2.43 and a beta of 0.99. 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 announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, equities research analysts predict that Flex will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. R Squared Ltd acquired a new stake in shares of Flex in the fourth quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Flex during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. purchased a new position in shares of Flex during the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of 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 buying an additional 509 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Flex by 21,475.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,726 shares of the technology company’s stock valued at $57,000 after purchasing an additional 1,718 shares during the period. 94.30% of the stock is currently 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.