Flex Ltd. (NASDAQ:FLEX) Receives $44.33 Consensus PT from Brokerages

Shares of Flex Ltd. (NASDAQ:FLEX) have received a consensus recommendation of “Buy” from the five analysts that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $44.33.

Several research firms have issued reports on FLEX. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of Flex

Hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in Flex in the fourth quarter valued at approximately $32,293,000. Mutual of America Capital Management LLC purchased a new position in shares of Flex during the 4th quarter valued at approximately $7,864,000. State of Alaska Department of Revenue acquired a new position in shares of Flex in the 4th quarter valued at $1,697,000. One Wealth Advisors LLC purchased a new stake in Flex during the fourth quarter worth $368,000. Finally, JPMorgan Chase & Co. grew its position in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Trading Down 1.7 %

Shares of NASDAQ:FLEX opened at $36.80 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $14.10 billion, a PE ratio of 14.84, a P/E/G ratio of 2.43 and a beta of 1.07. Flex has a 12-month low of $25.27 and a 12-month high of $45.10. The business’s fifty day simple moving average is $39.57 and its 200-day simple moving average is $37.52.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, equities research analysts predict that Flex will post 2.33 earnings per share for the current fiscal year.

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.