Flex Ltd. (NASDAQ:FLEX) Receives $65.75 Consensus PT from Analysts

Shares of Flex Ltd. (NASDAQ:FLEX) have been given an average rating of “Moderate Buy” by the ten ratings firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $65.75.

FLEX has been the topic of several analyst reports. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Barclays raised their price objective on shares of Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, Bank of America lifted their price objective on shares of Flex from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 8th.

Insider Buying and Selling

In other news, Director Michael E. Hurlston sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total transaction of $580,000.00. Following the transaction, the director owned 58,561 shares in the company, valued at $3,396,538. This trade represents a 14.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael P. Hartung sold 45,000 shares of Flex stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $57.14, for a total transaction of $2,571,300.00. Following the completion of the sale, the insider directly owned 256,198 shares in the company, valued at $14,639,153.72. This represents a 14.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 152,500 shares of company stock worth $9,011,950 in the last ninety days. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Flex

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Flex during the 2nd quarter worth about $291,362,000. State Street Corp increased its stake in Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after buying an additional 3,377,669 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock valued at $276,652,000 after acquiring an additional 2,968,285 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Flex by 52.1% in the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after acquiring an additional 2,459,511 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Flex by 118.1% in the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock worth $162,968,000 after acquiring an additional 1,522,308 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $61.19 on Friday. The business’s 50-day moving average is $60.24 and its two-hundred day moving average is $53.58. The company has a market capitalization of $22.63 billion, a P/E ratio of 27.08, a P/E/G ratio of 1.56 and a beta of 1.26. Flex has a fifty-two week low of $25.11 and a fifty-two week high of $67.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33.

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.