Brokerages Set Flex Ltd. (NASDAQ:FLEX) Price Target at $46.00

Shares of Flex Ltd. (NASDAQ:FLEX) have earned a consensus rating of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $48.29.

Several analysts have issued reports on FLEX shares. JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. KeyCorp increased their price objective on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 27th. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th.

Insider Buying and Selling

In other Flex news, COO Kwang Hooi Tan sold 37,533 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the sale, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. This trade represents a 12.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the completion of the transaction, the chief executive officer directly owned 1,463,695 shares of the company’s stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock worth $47,582,965 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Hedge funds have recently bought and sold shares of the company. Evergreen Capital Management LLC increased its position in Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after acquiring an additional 266 shares during the last quarter. Dynasty Wealth Management LLC increased its holdings in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after acquiring an additional 276 shares during the last quarter. WealthTrust Axiom LLC raised its stake in Flex by 1.8% in the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock valued at $566,000 after acquiring an additional 300 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after purchasing an additional 306 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Trading Up 1.8%

NASDAQ FLEX opened at $51.65 on Tuesday. Flex has a one year low of $25.11 and a one year high of $52.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. The firm has a market cap of $19.30 billion, a P/E ratio of 24.36, a P/E/G ratio of 1.88 and a beta of 1.07. The stock’s 50-day moving average is $42.61 and its 200-day moving average is $39.21.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. Sell-side analysts anticipate that Flex will post 2.33 earnings per share for the current fiscal year.

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.