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

Flex Ltd. (NASDAQ:FLEX) has been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $42.67.

Several equities research analysts recently commented on FLEX shares. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. Barclays upped their price objective on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Craig Hallum lifted their target price on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus raised their price target on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, KeyCorp assumed coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price objective on the stock.

Insider Buying and Selling

In related news, Director Charles K. Stevens III sold 13,157 shares of the business’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 transaction, the director now directly 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 can be accessed through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 240,018 shares of the company’s stock, valued at $8,494,237.02. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flex

Large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in Flex during the 3rd quarter worth approximately $29,000. Huntington National Bank increased its position in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares during the period. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex during the third quarter worth $39,000. Quarry LP bought a new stake in shares of Flex in the second quarter valued at about $43,000. Finally, American Capital Advisory LLC acquired a new position in shares of Flex in the second quarter valued at about $46,000. 94.30% of the stock is owned by institutional investors.

Flex Price Performance

NASDAQ FLEX opened at $38.17 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. Flex has a 52-week low of $21.84 and a 52-week high of $42.47. The business has a 50 day simple moving average of $36.97 and a 200 day simple moving average of $33.15. The stock has a market cap of $14.80 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 2.46 and a beta of 1.10.

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.