Flex Ltd. (NASDAQ:FLEX) Given Average Recommendation of “Buy” by Brokerages

Flex Ltd. (NASDAQ:FLEX) has been assigned an average rating of “Buy” from the five research firms that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $44.33.

A number of research firms have recently issued reports on FLEX. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th.

Flex Trading Down 3.7 %

NASDAQ FLEX opened at $33.18 on Friday. The firm’s 50 day moving average price is $39.09 and its two-hundred day moving average price is $37.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex has a twelve month low of $25.27 and a twelve month high of $45.10. The stock has a market cap of $12.71 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Equities analysts anticipate that Flex will post 2.33 EPS for the current year.

Insider Activity

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Institutional Trading of Flex

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in Flex in the 4th quarter worth $229,484,000. Geode Capital Management LLC increased its stake in shares of Flex by 619.3% in the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after purchasing an additional 2,170,262 shares during the last quarter. Invesco Ltd. boosted its stake in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after purchasing an additional 1,620,812 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Flex by 210.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after buying an additional 1,327,298 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.