Flex Ltd. (NASDAQ:FLEX) Receives $32.83 Consensus Price Target from Brokerages

Flex Ltd. (NASDAQ:FLEX) has received an average recommendation of “Moderate Buy” from the five brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $32.83.

Several research firms have recently issued reports on FLEX. JPMorgan Chase & Co. increased their target price on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Barclays boosted their target price on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Monday, June 17th. Craig Hallum lowered Flex from a “buy” rating to a “hold” rating and cut their price objective for the stock from $28.00 to $27.00 in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group raised their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th.

Flex Stock Up 0.2 %

Shares of FLEX stock opened at $30.66 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.52. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The firm has a market capitalization of $12.31 billion, a PE ratio of 13.33, a P/E/G ratio of 2.05 and a beta of 1.13. The stock’s 50-day simple moving average is $30.27 and its 200-day simple moving average is $28.21.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Equities analysts expect that Flex will post 2.06 earnings per share for the current year.

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 1,275 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $39,907.50. Following the transaction, the chief accounting officer now directly owns 32,510 shares in the company, valued at approximately $1,017,563. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Kwang Hooi Tan sold 8,027 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $29.29, for a total transaction of $235,110.83. Following the completion of the sale, the insider now directly owns 151,691 shares in the company, valued at $4,443,029.39. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Daniel Wendler sold 1,275 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $31.30, for a total transaction of $39,907.50. Following the completion of the transaction, the chief accounting officer now owns 32,510 shares in the company, valued at $1,017,563. The disclosure for this sale can be found here. In the last quarter, insiders sold 804,542 shares of company stock valued at $25,147,972. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Richardson Financial Services Inc. acquired a new position in shares of Flex in the 4th quarter valued at $34,000. CWM LLC lifted its position in 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 buying an additional 773 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after acquiring an additional 1,455 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Flex in the 4th quarter valued at approximately $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Flex in the 4th quarter worth approximately $77,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.