StockNews.com Upgrades Flex (NASDAQ:FLEX) to “Buy”

Flex (NASDAQ:FLEX) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

A number of other brokerages have also issued reports on FLEX. KeyCorp initiated coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Barclays increased their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research note on Thursday, October 17th. Stifel Nicolaus raised their price target on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Craig Hallum boosted their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $42.67.

Flex Stock Performance

NASDAQ FLEX opened at $41.92 on Thursday. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. Flex has a twelve month low of $21.84 and a twelve month high of $44.45. The stock has a 50-day moving average of $39.09 and a 200 day moving average of $34.41. The stock has a market capitalization of $16.26 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 2.44 and a beta of 1.10.

Insider Activity at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares in the company, valued at $8,494,237.02. This represents a 3.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. 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

Several institutional investors and hedge funds have recently bought and sold shares of the company. Triangle Securities Wealth Management purchased a new stake in shares of Flex during the 4th quarter valued at approximately $228,000. HB Wealth Management LLC acquired a new stake in Flex during the fourth quarter worth $220,000. Ritholtz Wealth Management raised its position in Flex by 80.5% in the fourth quarter. Ritholtz Wealth Management now owns 10,854 shares of the technology company’s stock valued at $417,000 after purchasing an additional 4,842 shares during the period. Gateway Investment Advisers LLC lifted its stake in shares of Flex by 18.4% in the 4th quarter. Gateway Investment Advisers LLC now owns 131,860 shares of the technology company’s stock valued at $5,062,000 after purchasing an additional 20,461 shares during the last quarter. Finally, Sanders Morris Harris LLC purchased a new position in shares of Flex during the 4th quarter worth $219,000. 94.30% of the stock is currently 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.