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

Shares of Flex Ltd. (NASDAQ:FLEX) have been assigned an average recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat.com 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 twelve-month price objective among brokerages that have issued a report on the stock in the last year is $42.67.

Several brokerages have recently issued reports on FLEX. Stifel Nicolaus lifted their price target on Flex from $40.00 to $48.00 and gave the company 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 downgraded shares of Flex from a “buy” rating to a “hold” rating in a research note on Wednesday. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. Finally, Barclays boosted their target price 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.

Insider Buying and Selling

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

Institutional Trading of Flex

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

Flex Stock Performance

NASDAQ FLEX opened at $40.21 on Tuesday. Flex has a 1 year low of $21.84 and a 1 year high of $44.45. The firm has a market capitalization of $15.59 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 2.44 and a beta of 1.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The firm’s 50 day simple moving average is $38.87 and its 200 day simple moving average is $34.16.

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.