Flex Ltd. (NASDAQ:FLEX) Receives Average Recommendation of “Buy” from Brokerages

Flex Ltd. (NASDAQ:FLEX) has been assigned an average rating of “Buy” from the four analysts that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $34.20.

FLEX has been the subject of several recent research reports. Craig Hallum lowered shares of Flex from a “buy” rating to a “hold” rating and set a $27.00 price target for the company. in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. StockNews.com assumed coverage on Flex in a research note on Wednesday, March 6th. They issued a “hold” rating on the stock. Finally, The Goldman Sachs Group lifted their price objective on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a report on Monday, March 4th.

Insider Activity

In other Flex news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the transaction, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Flex news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the completion of the sale, the insider now owns 154,810 shares in the company, valued at approximately $4,723,253.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the transaction, the executive vice president now owns 162,094 shares in the company, valued at $4,460,826.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 141,943 shares of company stock worth $4,055,311. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC lifted its holdings in Flex by 58.0% during the third quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after acquiring an additional 12,248 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Flex by 145.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock valued at $1,585,000 after purchasing an additional 34,810 shares during the period. Stratos Wealth Advisors LLC increased its stake in Flex by 3.1% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company’s stock worth $403,000 after purchasing an additional 452 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Flex by 3.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock worth $12,499,000 after buying an additional 14,205 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Flex by 11.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,613 shares of the technology company’s stock valued at $2,256,000 after buying an additional 8,688 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $26.34 on Thursday. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 1.79 and a beta of 1.18. Flex has a one year low of $19.85 and a one year high of $30.93. The business has a fifty day simple moving average of $28.48 and a 200 day simple moving average of $26.82. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. Flex had a net margin of 2.56% and a return on equity of 16.24%. The company had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.73 billion. Sell-side analysts expect that Flex will post 2.16 EPS for the current year.

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.