Flex (NASDAQ:FLEX) received a $9.00 price target from equities researchers at Macquarie in a report released on Monday. The brokerage currently has a “hold” rating on the technology company’s stock. Macquarie’s target price would indicate a potential upside of 16.88% from the stock’s current price.
FLEX has been the subject of several other reports. Goldman Sachs Group cut shares of Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Needham & Company LLC cut shares of Flex from a “buy” rating to a “hold” rating in a report on Friday, October 26th. ValuEngine cut shares of Flex from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. BidaskClub cut shares of Flex from a “sell” rating to a “strong sell” rating in a report on Friday, August 31st. Finally, Zacks Investment Research raised shares of Flex from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Flex currently has an average rating of “Hold” and a consensus target price of $18.50.
Shares of Flex stock opened at $7.70 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.24 and a quick ratio of 0.73. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.35 and a beta of 0.87. Flex has a 52-week low of $6.74 and a 52-week high of $19.71.
Flex announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 6.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, insider Francois Barbier sold 70,278 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $14.03, for a total transaction of $986,000.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 70,678 shares of company stock valued at $991,332 over the last 90 days. 0.88% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board grew its position in Flex by 2,570.5% during the second quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock valued at $21,064,000 after buying an additional 1,436,925 shares during the period. Clearline Capital LP bought a new stake in Flex during the second quarter valued at approximately $4,738,000. Maplelane Capital LLC grew its position in Flex by 29.0% during the second quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock valued at $14,565,000 after buying an additional 232,258 shares during the period. AT Bancorp bought a new stake in Flex during the second quarter valued at approximately $556,000. Finally, Standard Life Aberdeen plc grew its position in Flex by 22.6% during the second quarter. Standard Life Aberdeen plc now owns 154,472 shares of the technology company’s stock valued at $2,181,000 after buying an additional 28,474 shares during the period. Institutional investors own 91.90% of the company’s stock.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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