KeyCorp Has Lowered Expectations for Flex (NASDAQ:FLEX) Stock Price

Flex (NASDAQ:FLEX) had its price objective trimmed by KeyCorp from $46.00 to $35.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other research analysts have also issued reports on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $43.33.

Flex Stock Performance

NASDAQ FLEX opened at $27.80 on Tuesday. The business’s 50 day moving average price is $37.08 and its 200-day moving average price is $37.53. Flex has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The company has a market cap of $10.65 billion, a P/E ratio of 11.21, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts predict that Flex will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Flex

A number of hedge funds have recently made changes to their positions in FLEX. Boston Partners lifted its position in shares of Flex by 2.2% during the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after buying an additional 569,916 shares during the last quarter. Vanguard Group Inc. boosted its stake in Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock valued at $472,155,000 after acquiring an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Flex by 12.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock worth $326,833,000 after purchasing an additional 916,085 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Flex by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock worth $246,006,000 after purchasing an additional 361,049 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Flex during the 4th quarter valued at $229,484,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

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.