Flex Ltd. (NASDAQ:FLEX) Receives Consensus Rating of “Buy” from Brokerages

Shares of Flex Ltd. (NASDAQ:FLEX) have been given a consensus recommendation of “Buy” by the six analysts that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $42.67.

A number of equities research analysts have commented on FLEX shares. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. KeyCorp started coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Stifel Nicolaus lifted their target price on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Barclays lifted their target price on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st.

Flex Price Performance

NASDAQ:FLEX opened at $37.40 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The business’s 50-day simple moving average is $37.15 and its two-hundred day simple moving average is $33.21. The stock has a market cap of $14.50 billion, a PE ratio of 16.57, a P/E/G ratio of 2.43 and a beta of 1.10. Flex has a 52 week low of $21.84 and a 52 week high of $42.47.

Insider Buying and Selling at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the transaction, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. bought a new position in shares of Flex during the third quarter valued at approximately $29,000. Huntington National Bank grew its stake in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new position in shares of Flex during the third quarter valued at approximately $39,000. Quarry LP bought a new position in shares of Flex during the second quarter valued at approximately $43,000. Finally, American Capital Advisory LLC bought a new position in shares of Flex during the second quarter valued at approximately $46,000. Institutional investors own 94.30% of the company’s stock.

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.