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

Flex Ltd. (NASDAQ:FLEX) has been given a consensus recommendation of “Buy” by the six analysts that are presently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $42.67.

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

Flex Stock Down 0.7 %

NASDAQ FLEX opened at $37.65 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The company has a market cap of $14.60 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 2.43 and a beta of 1.10. The company has a 50 day moving average of $37.38 and a 200-day moving average of $33.31. Flex has a 1-year low of $21.84 and a 1-year high of $42.47.

Insider Activity

In other news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the transaction, the insider now owns 240,018 shares of the company’s stock, valued at approximately $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.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. grew its stake in shares of Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares during the last quarter. Raymond James Trust N.A. grew its position in shares of Flex by 1.8% in the 2nd quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock valued at $599,000 after buying an additional 360 shares during the last quarter. Stephens Inc. AR grew its position 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 during the last quarter. Huntington National Bank increased its stake in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. Finally, Wahed Invest LLC raised its position in shares of Flex by 7.4% during the third quarter. Wahed Invest LLC now owns 9,637 shares of the technology company’s stock worth $322,000 after acquiring an additional 667 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.