Flex Ltd. (NASDAQ:FLEX) Given Average Rating of “Moderate Buy” by Analysts

Shares of Flex Ltd. (NASDAQ:FLEX) have been given a consensus rating of “Moderate Buy” by the five brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $32.83.

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

Insiders Place Their Bets

In other Flex news, Director Michael D. Capellas sold 78,872 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total transaction of $2,653,254.08. Following the transaction, the director now directly owns 219,037 shares of the company’s stock, valued at $7,368,404.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Kwang Hooi Tan sold 14,599 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the sale, the insider now directly owns 163,656 shares of the company’s stock, valued at $4,688,744.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael D. Capellas sold 78,872 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $33.64, for a total value of $2,653,254.08. Following the completion of the sale, the director now directly owns 219,037 shares in the company, valued at $7,368,404.68. The disclosure for this sale can be found here. Insiders have sold 804,542 shares of company stock valued at $25,147,972 over the last three months. 0.56% 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 the business. Envestnet Portfolio Solutions Inc. acquired a new stake in Flex during the third quarter worth about $1,592,000. Envestnet Asset Management Inc. grew its position in Flex by 57.0% during the third quarter. Envestnet Asset Management Inc. now owns 1,106,983 shares of the technology company’s stock worth $29,866,000 after buying an additional 401,851 shares in the last quarter. Hsbc Holdings PLC grew its position in Flex by 68.4% during the third quarter. Hsbc Holdings PLC now owns 183,435 shares of the technology company’s stock worth $4,911,000 after buying an additional 74,530 shares in the last quarter. Dark Forest Capital Management LP grew its position in Flex by 101.5% during the third quarter. Dark Forest Capital Management LP now owns 44,755 shares of the technology company’s stock worth $1,207,000 after buying an additional 22,543 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Flex by 68.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 460,800 shares of the technology company’s stock worth $12,432,000 after buying an additional 187,500 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Price Performance

FLEX opened at $29.37 on Friday. The stock has a fifty day moving average of $30.45 and a 200-day moving average of $28.31. 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 has a 12-month low of $21.84 and a 12-month high of $34.12. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61.

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

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.