Flex Ltd. (NASDAQ:FLEX) Receives Average Rating of “Buy” from Analysts

Flex Ltd. (NASDAQ:FLEX) has earned a consensus recommendation of “Buy” from the six brokerages that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $42.67.

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. KeyCorp began coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target for the company. Stifel Nicolaus boosted their price objective on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Barclays upped their target price on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st.

Flex Trading Up 1.1 %

Shares of FLEX opened at $40.49 on Tuesday. 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 has a 50-day moving average price of $38.41 and a 200 day moving average price of $33.92. Flex has a 12-month low of $21.84 and a 12-month high of $42.47. The firm has a market capitalization of $15.70 billion, a P/E ratio of 17.92, a P/E/G ratio of 2.44 and a beta of 1.10.

Insider Activity at Flex

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

Institutional Investors Weigh In On Flex

Several large investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its holdings in shares of Flex by 52.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 29,802 shares of the technology company’s stock valued at $879,000 after purchasing an additional 10,299 shares in the last quarter. Natixis Advisors LLC lifted its holdings in Flex by 50.5% during the 2nd quarter. Natixis Advisors LLC now owns 25,550 shares of the technology company’s stock worth $753,000 after buying an additional 8,576 shares during the last quarter. Valliance Asset Management Ltd acquired a new position in shares of Flex during the 2nd quarter worth about $2,654,000. Choreo LLC purchased a new position in shares of Flex in the 2nd quarter valued at about $400,000. Finally, LPL Financial LLC raised its position in shares of Flex by 19.4% during the 2nd quarter. LPL Financial LLC now owns 1,204,940 shares of the technology company’s stock worth $35,534,000 after acquiring an additional 196,072 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.