Brokerages Set Flex Ltd. (NASDAQ:FLEX) Target Price at $38.40

Shares of Flex Ltd. (NASDAQ:FLEX) have been given a consensus rating of “Buy” by the five ratings firms that are currently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $38.40.

Several research firms recently weighed in on FLEX. Stifel Nicolaus raised their price objective on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Barclays raised their price objective on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Craig Hallum raised Flex from a “hold” rating to a “buy” rating and raised their price objective for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd.

Flex Stock Down 4.4 %

Flex stock opened at $29.05 on Wednesday. Flex has a twelve month low of $21.84 and a twelve month high of $34.12. The stock has a 50 day moving average of $30.59 and a two-hundred day moving average of $29.90. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.88 and a beta of 1.09.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. The company had revenue of $6.31 billion during 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%. As a group, research analysts expect that Flex will post 2.09 earnings per share for the current year.

Insider Transactions at Flex

In related news, CFO Paul Lundstrom sold 200,000 shares of Flex stock in a transaction on Monday, June 10th. The stock was sold at an average price of $32.46, for a total value of $6,492,000.00. Following the transaction, the chief financial officer now owns 294,027 shares in the company, valued at $9,544,116.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Paul Lundstrom sold 200,000 shares of Flex stock in a transaction on Monday, June 10th. The stock was sold at an average price of $32.46, for a total value of $6,492,000.00. Following the transaction, the chief financial officer now owns 294,027 shares in the company, valued at $9,544,116.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Daniel Wendler sold 1,275 shares of Flex stock in a transaction on Monday, June 17th. The shares were sold at an average price of $31.30, for a total value of $39,907.50. Following the completion of the transaction, the chief accounting officer now owns 32,510 shares in the company, valued at approximately $1,017,563. The disclosure for this sale can be found here. Insiders have sold 399,773 shares of company stock worth $12,864,541 over the last quarter. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flex

Several hedge funds have recently modified their holdings of the stock. Boston Partners grew its stake in shares of Flex by 113.8% during the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after acquiring an additional 10,201,162 shares in the last quarter. Norges Bank acquired a new position in shares of Flex in the 4th quarter valued at approximately $165,000,000. Merewether Investment Management LP purchased a new position in shares of Flex during the 2nd quarter valued at approximately $72,808,000. Westfield Capital Management Co. LP acquired a new stake in shares of Flex during the first quarter worth approximately $51,543,000. Finally, Point72 Asset Management L.P. increased its stake in shares of Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after buying an additional 792,700 shares during the last quarter. 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.