Flex (NASDAQ:FLEX) Reaches New 1-Year High at $34.31

Flex Ltd. (NASDAQ:FLEX) reached a new 52-week high during trading on Thursday . The company traded as high as $34.31 and last traded at $34.19, with a volume of 2917441 shares traded. The stock had previously closed at $31.69.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FLEX. Stifel Nicolaus upped their target price on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Barclays boosted their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Finally, Craig Hallum raised Flex from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $38.40.

Flex Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The company has a fifty day moving average of $30.95 and a two-hundred day moving average of $30.16. The stock has a market capitalization of $13.38 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. The business had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. On average, equities analysts anticipate that Flex Ltd. will post 2.06 EPS for the current year.

Insider Activity at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The disclosure for this sale can be found here. Insiders sold a total of 28,028 shares of company stock valued at $904,530 in the last quarter. Insiders own 0.82% of the company’s stock.

Institutional Trading of Flex

Hedge funds have recently added to or reduced their stakes in the business. Richardson Financial Services Inc. bought a new stake in shares of Flex during the fourth quarter valued at about $34,000. Quarry LP bought a new stake in shares of Flex during the 2nd quarter worth about $43,000. American Capital Advisory LLC acquired a new stake in shares of Flex in the 2nd quarter worth approximately $46,000. J.Safra Asset Management Corp boosted its holdings in shares of Flex by 623.6% in the second quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after acquiring an additional 2,538 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Flex by 37.4% during the second quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after acquiring an additional 1,170 shares during the period. Institutional investors own 94.30% of the company’s stock.

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.