Flex Ltd. (NASDAQ:FLEX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Flex Ltd. (NASDAQ:FLEX) has earned a consensus rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $32.83.

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Monday. Barclays upped their price objective on shares of Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upped their price objective on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Craig Hallum downgraded shares of Flex from a “buy” rating to a “hold” rating and dropped their price objective for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group upped their price objective on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th.

Insider Transactions at Flex

In other news, insider Kwang Hooi Tan sold 8,027 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $29.29, for a total transaction of $235,110.83. Following the completion of the sale, the insider now owns 151,691 shares in the company, valued at approximately $4,443,029.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Flex news, CEO Revathi Advaithi sold 161,052 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $4,614,139.80. Following the completion of the transaction, the chief executive officer now owns 1,903,404 shares in the company, valued at approximately $54,532,524.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,027 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $29.29, for a total value of $235,110.83. Following the completion of the transaction, the insider now owns 151,691 shares of the company’s stock, valued at approximately $4,443,029.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 804,542 shares of company stock worth $25,147,972. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flex

Several institutional investors and hedge funds have recently made changes to their positions in the business. Boston Partners raised its position in shares of Flex by 113.8% during the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after acquiring an additional 10,201,162 shares in the last quarter. Cetera Advisors LLC increased its position in Flex by 290.8% in the first quarter. Cetera Advisors LLC now owns 35,160 shares of the technology company’s stock worth $1,006,000 after buying an additional 26,162 shares during the period. Cetera Investment Advisers increased its position in Flex by 79.5% in the first quarter. Cetera Investment Advisers now owns 126,202 shares of the technology company’s stock worth $3,611,000 after buying an additional 55,910 shares during the period. PGGM Investments increased its position in Flex by 0.8% in the first quarter. PGGM Investments now owns 279,676 shares of the technology company’s stock worth $8,002,000 after buying an additional 2,349 shares during the period. Finally, Atria Investments Inc acquired a new stake in Flex in the first quarter worth $2,399,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Trading Down 3.2 %

Shares of FLEX stock opened at $30.61 on Friday. The firm has a 50-day moving average price of $30.22 and a 200 day moving average price of $28.14. Flex has a twelve month low of $21.84 and a twelve month high of $34.12. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 2.12 and a beta of 1.13. The company has a current ratio of 1.52, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. Flex had a net margin of 3.58% and a return on equity of 16.46%. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. Research analysts forecast that Flex will post 2.06 earnings per share for the current fiscal year.

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.