Flex Target of Unusually Large Options Trading (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) saw unusually large options trading on Monday. Stock traders acquired 2,443 put options on the company. This represents an increase of approximately 71% compared to the average daily volume of 1,432 put options.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. Barclays boosted their target price on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Stifel Nicolaus lifted their price objective on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, KeyCorp began coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Flex has a consensus rating of “Buy” and an average price target of $42.67.

Insider Transactions at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the sale, the director now owns 55,713 shares of the company’s stock, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its holdings in Flex by 1.3% during the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after acquiring an additional 344,773 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Flex by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Geode Capital Management LLC lifted its stake in Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares during the last quarter. Finally, State Street Corp raised its stake in Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock valued at $122,503,000 after acquiring an additional 603,208 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Stock Down 9.3 %

Shares of FLEX traded down $4.12 during mid-day trading on Monday, hitting $40.16. 1,625,832 shares of the company’s stock were exchanged, compared to its average volume of 2,842,803. The company has a 50-day simple moving average of $39.79 and a 200 day simple moving average of $35.12. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The company has a market cap of $15.57 billion, a PE ratio of 17.77, a P/E/G ratio of 2.81 and a beta of 1.10. Flex has a 52 week low of $22.57 and a 52 week high of $45.10.

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.