FLEX heads into the week after a remarkable 57% monthly rally, a 5% pullback on Friday, and a cluster of insider sales from the CEO — a setup that puts conviction on both sides to the test.
The analyst story is the clearest signal of how fast the narrative has shifted. Barclays raised its price target to $203 this week — up from $174 just a month ago, and more than double the $72 level it carried in early February. Goldman Sachs moved its target from $84 to $177 in early May, keeping its Buy rating intact. Keybanc did the same, lifting from $75 to $180. The direction of travel is unanimous: every major target revision over the past month has been an upgrade, and the consensus now clusters around $160. With the stock trading near $152, the mean target implies modest remaining upside — but several of the most bullish desks are pointing well above $200. Freedom Capital Markets, initiating at Hold with a $144 target, is the lone dissenter in the room.
Options positioning tells a slightly more cautious story. The put/call ratio has eased to 1.31, below its 20-day average of 1.46, and is running roughly a standard deviation below that mean. That's a notable shift from late April and early May, when the PCR was running north of 1.9 — unusually heavy protection demand for a stock at that level. The drift lower suggests the market is less defensively positioned now than it was through the initial leg of the rally. The 52-week high on PCR was 2.10, the low 0.28, so current readings sit in the middle of the annual range.
Insider activity is harder to read charitably. CEO Revathi Advaithi sold roughly 83,000 shares across multiple tranches on May 22, at prices between $129 and $135, collecting more than $11 million in aggregate. COO Kwang Hooi Tan followed with a $2.4 million sale four days later. Director Erin McSweeney has been selling steadily through May. The net insider figure over 90 days is technically positive — reflecting earlier grant-related activity — but the recent concentrated selling at elevated prices is worth noting. Significance scores on each transaction are low (2–3 out of 10), which suggests these were largely plan-driven, but the timing against a 57% monthly surge is conspicuous.
Short interest is not the story here. At 1.4% of the free float, the position is small and shrinking: it has more than halved from 2.5% in late April. Borrow is effectively free at 0.45%, and with availability sitting above 6,500% of short interest, the lending pool is as loose as it gets. The ORTEX short score has drifted to 28.7 — consistent with a stock where shorts have been steadily covering since the May 6 earnings catalyst, which sent the stock up nearly 38% in a single session.
The factor picture is bullish on the fundamentals side and expensive on the value side. EPS momentum ranks in the 95th percentile on a 30-day basis and 93rd on 90 days. Forward EPS year-over-year growth ranks in the top 8% of the universe. Analyst recommendation momentum, at the 94th percentile, captures the wave of target raises that have followed the earnings beat. Against that, the EV/EBIT ratio has compressed from a 30-day high but still ranks in just the 34th percentile, and the P/E of 28.7x has come down from recent peaks but sits meaningfully above where the stock traded before May. Wellington Management added 2.6 million shares as recently as April 30, one of the larger institutional moves in the recent data.
The next earnings date is July 22. Between now and then, the key question is whether the Street's newly expanded targets — many of which doubled in a single revision cycle — reflect durable AI-infrastructure and data-centre demand signals or a rapid catch-up to a stock that moved first and received the analyst stamps second. Peer JBL fell 3% on the week while GLW dropped 2%; both underperformed FLEX's flat-to-slightly-positive weekly finish, which adds a mild relative-strength note to an already charged positioning backdrop.
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