Flex Ltd. (NASDAQ:FLEX) Receives Average Rating of “Moderate Buy” from Brokerages

Flex Ltd. (NASDAQ:FLEX) has been assigned an average rating of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $32.83.

Several analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Craig Hallum lowered Flex from a “buy” rating to a “hold” rating and lowered their target price for the company from $28.00 to $27.00 in a research note on Thursday, May 2nd. Finally, Barclays upped their price target on shares of Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 1,670 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the sale, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at approximately $880,261.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Daniel Wendler sold 1,670 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the transaction, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at $880,261.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP David Scott Offer sold 7,037 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $31.30, for a total value of $220,258.10. Following the completion of the sale, the executive vice president now owns 171,344 shares of the company’s stock, valued at $5,363,067.20. The disclosure for this sale can be found here. Insiders have sold 804,542 shares of company stock worth $25,147,972 in the last quarter. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors and hedge funds have recently modified their holdings of the company. Richardson Financial Services Inc. acquired a new position in Flex during the 4th quarter worth about $34,000. CWM LLC grew its stake in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after purchasing an additional 773 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Flex by 276.6% in the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after buying an additional 1,455 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Flex during the fourth quarter worth $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Flex during the fourth quarter worth $77,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Down 3.1 %

FLEX opened at $29.37 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.52 and a quick ratio of 0.79. The company’s 50-day moving average is $30.45 and its 200 day moving average is $28.31. Flex has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The firm has a market capitalization of $11.80 billion, a P/E ratio of 12.77, a PEG ratio of 2.06 and a beta of 1.13.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Research analysts expect that Flex will post 2.06 earnings per share for the current fiscal 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.