Flex (NASDAQ:FLEX) Reaches New 12-Month High at $34.31

Shares of Flex Ltd. (NASDAQ:FLEX) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.31 and last traded at $34.19, with a volume of 2917441 shares changing hands. The stock had previously closed at $31.69.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Barclays upped their price target on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their price target on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Stifel Nicolaus lifted their price objective on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $39.00 in a report on Thursday, July 25th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $38.40.

Flex Stock Up 7.3 %

The stock’s fifty day simple moving average is $30.77 and its 200-day simple moving average is $30.10. The stock has a market capitalization of $13.50 billion, a PE ratio of 14.87, a P/E/G ratio of 1.92 and a beta of 1.09. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The company had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $5.89 billion. As a group, sell-side analysts forecast that Flex Ltd. will post 2.06 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the sale, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the completion of the transaction, the insider now directly owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at $5,209,197.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,028 shares of company stock worth $904,530. 0.82% of the stock is currently owned by insiders.

Institutional Trading of Flex

Several large investors have recently modified their holdings of FLEX. Boston Partners grew its position in Flex by 113.8% during the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock worth $548,519,000 after purchasing an additional 10,201,162 shares in the last quarter. Merewether Investment Management LP acquired a new position in shares of Flex during the second quarter worth approximately $72,808,000. Westfield Capital Management Co. LP acquired a new stake in Flex in the first quarter worth $51,543,000. Point72 Asset Management L.P. increased its position in shares of Flex by 1,242.5% during the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after acquiring an additional 792,700 shares in the last quarter. Finally, Troluce Capital Advisors LLC grew its position in Flex by 104.3% in the fourth quarter. Troluce Capital Advisors LLC now owns 1,125,000 shares of the technology company’s stock valued at $34,268,000 after purchasing an additional 574,308 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.