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

Shares of Flex Ltd. (NASDAQ:FLEX) have been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $46.00.

FLEX has been the subject of several recent research reports. Bank of America boosted their price target on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday. Wall Street Zen upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 28th. JPMorgan Chase & Co. decreased their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. KeyCorp restated an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock.

Flex Stock Performance

Flex stock opened at $43.86 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $16.37 billion, a PE ratio of 17.69, a P/E/G ratio of 2.43 and a beta of 1.04. The firm has a fifty day simple moving average of $36.93 and a two-hundred day simple moving average of $38.22. Flex has a twelve month low of $25.11 and a twelve month high of $45.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Research analysts expect that Flex will post 2.33 EPS for the current year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company’s stock, valued at $2,586,566.43. The trade was a 55.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Daniel Wendler sold 4,502 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the sale, the chief accounting officer now directly owns 38,676 shares in the company, valued at $1,624,005.24. The trade was a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 891,134 shares of company stock worth $36,818,451 over the last 90 days. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flex

Several hedge funds have recently bought and sold shares of FLEX. Rise Advisors LLC bought a new stake in Flex during the first quarter worth about $25,000. Olde Wealth Management LLC bought a new position in shares of Flex in the first quarter worth approximately $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Flex in the first quarter worth approximately $26,000. CX Institutional bought a new position in shares of Flex in the first quarter worth approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Flex in the fourth quarter worth approximately $35,000. 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.