Brokerages Set Flex Ltd. (NASDAQ:FLEX) Price Target at $45.33

Flex Ltd. (NASDAQ:FLEX) has been given a consensus rating of “Buy” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have issued a report on the stock in the last year is $45.33.

FLEX has been the topic of a number of research reports. Barclays boosted their price objective on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price on the stock. KeyCorp lifted their target price on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. JPMorgan Chase & Co. cut their target price on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Monday.

Flex Trading Up 0.5%

Shares of FLEX opened at $42.06 on Monday. Flex has a 52-week low of $25.11 and a 52-week high of $45.10. The business’s fifty day moving average is $33.94 and its 200-day moving average is $37.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm has a market cap of $16.11 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.43 and a beta of 0.96.

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

Insider Activity

In other news, 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 value of $189,038.98. Following the transaction, the chief accounting officer now directly owns 38,676 shares of the company’s stock, valued at $1,624,005.24. The trade was a 10.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Revathi Advaithi sold 120,280 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the transaction, the chief executive officer now directly owns 1,112,193 shares in the company, valued at $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,255 shares of company stock valued at $19,002,628 in the last ninety days. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. United Services Automobile Association acquired a new position in Flex during the 4th quarter worth approximately $982,000. Brandywine Global Investment Management LLC increased its holdings in Flex by 219.2% during the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock worth $5,119,000 after purchasing an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC bought a new stake in Flex during the 4th quarter worth approximately $7,864,000. Raymond James Financial Inc. bought a new stake in Flex during the 4th quarter worth approximately $32,293,000. Finally, American Century Companies Inc. increased its holdings in Flex by 19.7% during the 4th 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 in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.