Flex (NASDAQ:FLEX) Reaches New 12-Month High – Here’s What Happened

Flex Ltd. (NASDAQ:FLEX)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $68.00 and last traded at $68.5380, with a volume of 1280490 shares traded. The stock had previously closed at $62.41.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a research report on Monday. KeyCorp lifted their price objective on Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Argus set a $85.00 target price on Flex in a report on Friday, October 31st. Finally, Jefferies Financial Group reissued a “hold” rating and set a $23.00 price target on shares of Flex in a research report on Wednesday, November 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and an average target price of $65.88.

Flex Stock Performance

The stock has a market cap of $25.33 billion, a price-to-earnings ratio of 30.31, a price-to-earnings-growth ratio of 1.79 and a beta of 1.26. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83. The stock’s 50-day moving average is $60.76 and its 200-day moving average is $54.27.

Insiders Place Their Bets

In other news, Director Michael E. Hurlston sold 10,000 shares of Flex stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the director owned 58,561 shares of the company’s stock, valued at $3,396,538. The trade was a 14.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Kwang Hooi Tan sold 12,500 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $64.88, for a total value of $811,000.00. Following the completion of the transaction, the chief operating officer owned 251,136 shares of the company’s stock, valued at $16,293,703.68. The trade was a 4.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 142,500 shares of company stock worth $8,445,350 over the last ninety days. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Flex

Several hedge funds have recently modified their holdings of the stock. Brighton Jones LLC acquired a new position in Flex during the fourth quarter worth approximately $260,000. PNC Financial Services Group Inc. increased its holdings in shares of Flex by 40.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 28,532 shares of the technology company’s stock worth $944,000 after buying an additional 8,162 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Flex by 1.4% during the 1st quarter. Deutsche Bank AG now owns 55,177 shares of the technology company’s stock worth $1,825,000 after buying an additional 774 shares during the last quarter. National Bank of Canada FI raised its position in shares of Flex by 17.1% in the 1st quarter. National Bank of Canada FI now owns 354,323 shares of the technology company’s stock worth $11,718,000 after buying an additional 51,784 shares during the period. Finally, Townsquare Capital LLC acquired a new position in Flex in the first quarter valued at $1,865,000. 94.30% of the stock is owned by institutional investors and hedge funds.

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.