Flex Ltd. (NASDAQ:FLEX) Given Consensus Recommendation of “Buy” by Analysts

Flex Ltd. (NASDAQ:FLEX) has been assigned an average recommendation of “Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $38.40.

A number of equities analysts have weighed in on the stock. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and raised their target price for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Stifel Nicolaus upped their price target on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Barclays lifted their price objective on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. increased their price objective on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd.

Flex Price Performance

Shares of Flex stock opened at $33.56 on Friday. The business has a 50 day moving average of $30.95 and a 200 day moving average of $30.16. Flex has a 52 week low of $21.84 and a 52 week high of $34.42. The company has a market cap of $13.38 billion, a PE ratio of 14.59, a P/E/G ratio of 1.92 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last posted its earnings results 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 firm had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. As a group, equities research analysts forecast that Flex will post 2.06 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Flex

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC grew its position in shares of Flex by 441.6% during the 2nd quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after buying an additional 38,711 shares in the last quarter. Twin Tree Management LP grew its stake in Flex by 29,912.0% in the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 96,915 shares during the last quarter. Valliance Asset Management Ltd purchased a new stake in shares of Flex during the second quarter valued at about $2,654,000. Capstone Investment Advisors LLC bought a new stake in shares of Flex in the 1st quarter valued at about $783,000. Finally, Quantbot Technologies LP acquired a new stake in Flex in the first quarter valued at approximately $633,000. 94.30% of the stock is 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.