Flex (NASDAQ:FLEX) Hits New 52-Week High – Here’s What Happened

Shares of Flex Ltd. (NASDAQ:FLEX) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $147.76 and last traded at $146.7260, with a volume of 2170281 shares traded. The stock had previously closed at $145.79.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Barclays raised their target price on Flex from $72.00 to $174.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and an average target price of $112.80.

Flex Price Performance

The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $53.35 billion, a price-to-earnings ratio of 62.43, a PEG ratio of 0.75 and a beta of 1.46. The stock has a 50-day moving average price of $95.25 and a 200 day moving average price of $74.31.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, equities research analysts expect that Flex Ltd. will post 4.15 earnings per share for the current year.

Insider Transactions at Flex

In related news, CEO Revathi Advaithi sold 114,090 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer directly owned 689,022 shares of the company’s stock, valued at approximately $98,096,062.14. This trade represents a 14.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles K. Stevens III sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the completion of the transaction, the director directly owned 45,426 shares in the company, valued at $6,275,147.64. This represents a 24.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 329,512 shares of company stock worth $44,459,298 in the last three months. 0.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FLEX. Vanguard Group Inc. lifted its stake in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after buying an additional 25,662,586 shares in the last quarter. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth approximately $319,756,000. State Street Corp boosted its holdings in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Flex by 694,916.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock worth $159,573,000 after purchasing an additional 2,640,682 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its holdings in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.