Flex Ltd. (NASDAQ:FLEX) Given Consensus Recommendation of “Buy” by Analysts

Flex Ltd. (NASDAQ:FLEX) has been assigned an average recommendation of “Buy” from the six brokerages that are presently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $42.67.

Several equities analysts recently weighed in on the stock. Barclays raised their price target on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Stifel Nicolaus raised their price objective on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. KeyCorp assumed coverage on shares of Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research note on Thursday, October 17th.

Insider Buying and Selling

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

Institutional Investors Weigh In On Flex

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in Flex by 619.3% during 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. Merewether Investment Management LP bought a new position in Flex in the 2nd quarter worth approximately $72,808,000. Charles Schwab Investment Management Inc. grew its stake in Flex by 462.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Flex by 1,242.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares during the period. Finally, Simcoe Capital Management LLC purchased a new stake in shares of Flex during the third quarter worth $22,075,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

FLEX opened at $40.21 on Tuesday. The company has a market cap of $15.59 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.44 and a beta of 1.10. The company’s fifty day moving average price is $38.87 and its two-hundred day moving average price is $34.16. Flex has a 1-year low of $21.84 and a 1-year high of $44.45. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64.

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.