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

Shares of Flex Ltd. (NASDAQ:FLEX) have received a consensus rating of “Buy” from the five analysts that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $38.40.

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

Flex Stock Performance

Shares of FLEX opened at $30.45 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The firm’s 50 day moving average is $30.57 and its 200-day moving average is $29.89. Flex has a 12-month low of $21.84 and a 12-month high of $34.12. The stock has a market capitalization of $12.09 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.88 and a beta of 1.12.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. The company had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. Equities research analysts anticipate that Flex will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the transaction, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the sale, the insider now owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at $5,209,197.30. The disclosure for this sale can be found here. Insiders sold a total of 399,773 shares of company stock worth $12,864,541 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Flex

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James Trust N.A. lifted its position in Flex by 1.8% during the 2nd quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock worth $599,000 after acquiring an additional 360 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Flex by 5.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock valued at $251,000 after purchasing an additional 471 shares during the period. Resonant Capital Advisors LLC grew its holdings in Flex by 8.6% in the 1st quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock valued at $247,000 after buying an additional 683 shares during the last quarter. Atomi Financial Group Inc. lifted its holdings in shares of Flex by 10.2% during the second quarter. Atomi Financial Group Inc. now owns 7,984 shares of the technology company’s stock worth $235,000 after buying an additional 739 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Flex by 92.5% in the fourth quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after acquiring an additional 773 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.