Flex Ltd. (NASDAQ:FLEX) Given Average Rating of “Buy” by Analysts

Shares of Flex Ltd. (NASDAQ:FLEX) have received a consensus recommendation of “Buy” from the five ratings firms that are covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have covered the stock in the last year is $38.40.

FLEX has been the topic of several analyst reports. Barclays upped their price target on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Stifel Nicolaus upped their target price on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $39.00 in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd.

Insider Buying and Selling at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the sale, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at approximately $5,377,327.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the transaction, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the sale, the executive vice president now directly owns 168,094 shares in the company, valued at approximately $5,377,327.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,028 shares of company stock worth $904,530. 0.82% of the stock is owned by corporate insiders.

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently modified their holdings of the business. Boston Partners lifted its holdings in Flex by 113.8% during the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after purchasing an additional 10,201,162 shares in the last quarter. Merewether Investment Management LP purchased a new stake in shares of Flex during the 2nd quarter valued at $72,808,000. Westfield Capital Management Co. LP purchased a new stake in Flex during the first quarter valued at about $51,543,000. Point72 Asset Management L.P. boosted its stake in Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after buying an additional 792,700 shares in the last quarter. Finally, Troluce Capital Advisors LLC boosted its stake in shares of Flex by 104.3% in the 4th quarter. Troluce Capital Advisors LLC now owns 1,125,000 shares of the technology company’s stock valued at $34,268,000 after purchasing an additional 574,308 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Stock Down 1.3 %

NASDAQ:FLEX opened at $33.56 on Friday. The firm has a market capitalization of $13.38 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.92 and a beta of 1.09. Flex has a 12-month low of $21.84 and a 12-month high of $34.42. The stock’s fifty day simple moving average is $30.95 and its 200-day simple moving average is $30.16. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Equities research analysts expect that Flex will post 2.06 earnings per share for the current year.

Flex Company Profile

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.