Flex (NASDAQ:FLEX) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Flex Ltd. (NASDAQ:FLEX) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $33.64 and traded as high as $38.94. Flex shares last traded at $38.63, with a volume of 1,760,148 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays increased their price target 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. The Goldman Sachs Group set a $39.00 price target on Flex in a research report on Thursday, October 17th. Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the stock 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 Tuesday, October 29th. Finally, KeyCorp started coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $42.67.

Flex Stock Performance

The business’s 50 day simple moving average is $37.97 and its two-hundred day simple moving average is $33.64. The firm has a market capitalization of $14.98 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 2.43 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.

Insider Buying and Selling at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of 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. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after acquiring an additional 296,505 shares during the period. Oddo BHF Asset Management Sas bought a new position in Flex in the 3rd quarter worth $703,000. Wilmington Savings Fund Society FSB purchased a new position in Flex during the third quarter valued at $75,000. TCW Group Inc. grew its holdings in Flex by 5.8% during the third quarter. TCW Group Inc. now owns 1,811,158 shares of the technology company’s stock valued at $60,547,000 after purchasing an additional 99,409 shares during the period. Finally, TD Private Client Wealth LLC increased its position in Flex by 13.1% in the third quarter. TD Private Client Wealth LLC now owns 28,835 shares of the technology company’s stock worth $964,000 after buying an additional 3,345 shares in the last quarter. Hedge funds and other institutional investors 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.