Analysts Set Flex Ltd. (NASDAQ:FLEX) Target Price at $38.40

Shares of Flex Ltd. (NASDAQ:FLEX) have earned an average rating of “Buy” from the five ratings firms that are presently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating. The average 12 month target price among brokers that have covered the stock in the last year is $38.40.

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

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the sale, the insider now directly owns 175,468 shares of the company’s stock, valued at approximately $5,576,373.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kwang Hooi Tan sold 8,028 shares of the business’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 transaction of $255,129.84. Following the completion of the sale, the insider now 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 through the SEC website. Also, CAO Daniel Wendler sold 1,275 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $31.30, for a total value of $39,907.50. Following the completion of the transaction, the chief accounting officer now directly owns 32,510 shares of the company’s stock, valued at $1,017,563. The disclosure for this sale can be found here. Insiders have sold a total of 559,062 shares of company stock worth $18,134,960 in the last ninety days. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flex

Several large investors have recently bought and sold shares of the stock. Boston Partners lifted its holdings in shares of Flex by 113.8% in the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares during the last quarter. Norges Bank purchased a new stake in Flex in the fourth quarter valued at approximately $165,000,000. Merewether Investment Management LP acquired a new stake in shares of Flex in the second quarter valued at approximately $72,808,000. Westfield Capital Management Co. LP purchased a new position in shares of Flex during the first quarter worth approximately $51,543,000. Finally, California Public Employees Retirement System increased its holdings in shares of Flex by 63.9% in the 4th quarter. California Public Employees Retirement System now owns 2,423,404 shares of the technology company’s stock valued at $73,817,000 after acquiring an additional 944,928 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

FLEX opened at $30.46 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.40. Flex has a 52-week low of $21.84 and a 52-week high of $34.12. The stock has a market capitalization of $12.15 billion, a P/E ratio of 13.30, a P/E/G ratio of 2.03 and a beta of 1.12. The company’s 50-day simple moving average is $30.51 and its two-hundred day simple moving average is $29.24.

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.