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

Shares of Flex Ltd. (NASDAQ:FLEX) have received a consensus recommendation of “Buy” from the six research firms that are presently covering the company, Marketbeat reports. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $42.67.

FLEX has been the topic of a number of recent research reports. KeyCorp started coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Stifel Nicolaus upped their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 target price on Flex in a research note on Thursday, October 17th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Finally, Barclays boosted their price objective on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st.

Flex Stock Up 1.1 %

NASDAQ:FLEX opened at $40.49 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex has a 1-year low of $21.84 and a 1-year high of $42.47. The company has a 50-day moving average of $38.41 and a 200 day moving average of $33.92. The firm has a market cap of $15.70 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 2.44 and a beta of 1.10.

Insider Buying and Selling

In related news, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the transaction, the insider now owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Institutional Trading of Flex

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares in the last quarter. Merewether Investment Management LP acquired a new position in Flex during the second quarter worth about $72,808,000. Charles Schwab Investment Management Inc. grew its stake in Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares during the last quarter. Finally, Simcoe Capital Management LLC purchased a new position in Flex in the 3rd quarter worth approximately $22,075,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

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.