Flex (NASDAQ:FLEX) Hits New 1-Year High – What’s Next?

Flex Ltd. (NASDAQ:FLEX)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $44.66 and last traded at $44.35, with a volume of 1842092 shares changing hands. The stock had previously closed at $42.72.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. The Goldman Sachs Group set a $39.00 price objective on Flex in a research report on Thursday, October 17th. Craig Hallum boosted their price objective on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Thursday, January 16th. Stifel Nicolaus boosted their price objective on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $42.67.

Flex Stock Performance

The firm has a 50 day moving average of $39.52 and a two-hundred day moving average of $34.88. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The stock has a market cap of $17.00 billion, a PE ratio of 19.40, a PEG ratio of 2.80 and a beta of 1.10.

Insiders Place Their Bets

In related news, Director Charles K. Stevens III sold 13,157 shares of Flex 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 completion of the transaction, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. The trade was a 19.10 % decrease in their position. 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 stock in a transaction 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 transaction, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Institutional Trading of Flex

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Flex by 10.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,198 shares of the technology company’s stock valued at $625,000 after buying an additional 1,971 shares during the period. Hsbc Holdings PLC raised its position in shares of Flex by 254.9% during the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock worth $1,499,000 after purchasing an additional 36,465 shares during the period. Bank of Montreal Can lifted its holdings in shares of Flex by 73.3% in the 2nd quarter. Bank of Montreal Can now owns 60,936 shares of the technology company’s stock worth $1,877,000 after purchasing an additional 25,765 shares during the last quarter. Marshall Wace LLP boosted its position in Flex by 41.1% during the 2nd quarter. Marshall Wace LLP now owns 1,136,410 shares of the technology company’s stock valued at $33,513,000 after purchasing an additional 331,027 shares during the period. Finally, Insigneo Advisory Services LLC lifted its stake in Flex by 54.8% in the second quarter. Insigneo Advisory Services LLC now owns 19,150 shares of the technology company’s stock valued at $540,000 after buying an additional 6,780 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.