Flex (NASDAQ:FLEX) Hits New 12-Month High – Time to Buy?

Flex Ltd. (NASDAQ:FLEX) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.66 and last traded at $44.35, with a volume of 1842092 shares changing hands. The stock had previously closed at $42.72.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays boosted their target price on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Stifel Nicolaus increased their price target on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. KeyCorp initiated coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex has an average rating of “Buy” and an average price target of $42.67.

Flex Price Performance

The company has a market cap of $17.00 billion, a P/E ratio of 19.40, a PEG ratio of 2.80 and a beta of 1.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The company has a fifty day simple moving average of $39.52 and a 200-day simple moving average of $34.88.

Insider Transactions at Flex

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

Institutional Investors Weigh In On Flex

Institutional investors have recently bought and sold shares of the business. First Horizon Advisors Inc. grew its stake in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after purchasing an additional 305 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Flex by 2.6% in the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock valued at $472,000 after buying an additional 361 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Flex by 2.0% in the third quarter. Raymond James Trust N.A. now owns 20,720 shares of the technology company’s stock worth $693,000 after buying an additional 413 shares during the last quarter. Huntington National Bank raised its position in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares in the last quarter. Finally, Atomi Financial Group Inc. lifted its stake in Flex by 6.4% in the fourth quarter. Atomi Financial Group Inc. now owns 10,413 shares of the technology company’s stock valued at $400,000 after acquiring an additional 630 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.