Flex Ltd. (NASDAQ:FLEX) Receives Consensus Recommendation of “Buy” from Brokerages

Flex Ltd. (NASDAQ:FLEX) has received a consensus recommendation of “Buy” from the six research firms that are currently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $42.67.

A number of research analysts recently issued reports on FLEX shares. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Stifel Nicolaus boosted their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Barclays raised their price objective on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Craig Hallum boosted their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flex

Several hedge funds and other institutional investors have recently made changes to their positions in FLEX. Creative Planning grew its position in Flex by 0.6% during the third quarter. Creative Planning now owns 141,371 shares of the technology company’s stock valued at $4,726,000 after buying an additional 839 shares during the period. Hsbc Holdings PLC grew its position in shares of Flex by 254.9% during the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after acquiring an additional 36,465 shares during the period. Valliance Asset Management Ltd purchased a new stake in shares of Flex in the 2nd quarter worth $2,654,000. Algert Global LLC raised its holdings in Flex by 14.6% in the 2nd quarter. Algert Global LLC now owns 250,455 shares of the technology company’s stock worth $7,386,000 after purchasing an additional 31,876 shares during the period. Finally, Gateway Investment Advisers LLC lifted its position in Flex by 153.6% during the third quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company’s stock valued at $3,724,000 after purchasing an additional 67,468 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of Flex stock opened at $39.52 on Tuesday. Flex has a 12 month low of $21.84 and a 12 month high of $44.45. The firm has a market capitalization of $15.33 billion, a P/E ratio of 17.49, a P/E/G ratio of 2.44 and a beta of 1.10. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The business has a fifty day simple moving average of $38.96 and a two-hundred day simple moving average of $34.28.

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.