Flex Ltd. (NASDAQ:FLEX) Receives $44.33 Average Price Target from Analysts

Shares of Flex Ltd. (NASDAQ:FLEX) have received an average rating of “Buy” from the five analysts that are currently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $44.33.

FLEX has been the subject of several research analyst reports. Barclays lifted their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th.

Flex Stock Performance

NASDAQ FLEX opened at $34.46 on Friday. The firm has a market capitalization of $13.20 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average price is $39.28 and its two-hundred day moving average price is $37.48. Flex has a 1 year low of $25.27 and a 1 year high of $45.10.

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

Insider Buying and Selling at Flex

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

Hedge Funds Weigh In On Flex

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Flex in the fourth quarter valued at approximately $229,484,000. Geode Capital Management LLC increased its stake in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares during the last quarter. 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 buying an additional 2,170,262 shares during the last quarter. Invesco Ltd. boosted its stake in Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Flex by 210.6% in the fourth 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 acquiring an additional 1,327,298 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

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.