The Goldman Sachs Group Cuts Flex (NASDAQ:FLEX) Price Target to $41.00

Flex (NASDAQ:FLEX) had its target price lowered by The Goldman Sachs Group from $53.00 to $41.00 in a research report sent to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the technology company’s stock.

Several other analysts have also recently commented on FLEX. Barclays boosted their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, KeyCorp dropped their price objective on shares of Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex currently has a consensus rating of “Buy” and an average price target of $43.67.

Flex Stock Performance

NASDAQ:FLEX opened at $29.59 on Thursday. The company has a fifty day moving average of $36.20 and a two-hundred day moving average of $37.45. Flex has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The stock has a market capitalization of $11.34 billion, a PE ratio of 11.93, 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 released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, research analysts forecast that Flex will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, valued at approximately $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 owned by company insiders.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently modified their holdings of the business. R Squared Ltd acquired a new position in Flex in the fourth quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Flex in the 4th quarter valued at approximately $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Flex in the 4th quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after purchasing an additional 509 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Flex by 21,475.0% in the 1st 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 last quarter. 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.