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

Flex Ltd. (NASDAQ:FLEX) has been given a consensus rating of “Buy” by the six ratings firms that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $43.67.

A number of equities analysts have commented on the company. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. The Goldman Sachs Group dropped their price target on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. KeyCorp dropped their target price on shares of Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Barclays raised their target price on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th.

Insider Activity at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. United Services Automobile Association acquired a new stake in Flex during the fourth quarter worth approximately $982,000. Brandywine Global Investment Management LLC increased its stake in shares of Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after acquiring an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Flex during the 4th quarter valued at $7,864,000. Raymond James Financial Inc. bought a new position in Flex during the fourth quarter worth $32,293,000. Finally, American Century Companies Inc. grew its holdings in Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock worth $26,637,000 after purchasing an additional 114,350 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

NASDAQ:FLEX opened at $30.93 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a 50 day simple moving average of $35.45 and a 200 day simple moving average of $37.36. Flex has a 1-year low of $25.11 and a 1-year high of $45.10. The stock has a market cap of $11.85 billion, a P/E ratio of 12.47, a PEG ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Research analysts anticipate that Flex will post 2.33 earnings per share for the current year.

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.