Flex Ltd. (NASDAQ:FLEX) Receives Average Rating of “Buy” from Brokerages

Shares of Flex Ltd. (NASDAQ:FLEX) have earned an average recommendation of “Buy” from the six ratings firms that are covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $40.83.

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group set a $39.00 target price on Flex in a research note on Thursday, October 17th. Stifel Nicolaus raised their target price on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Barclays increased their price target on shares of Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Craig Hallum upped their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd.

Flex Stock Down 1.2 %

Shares of NASDAQ:FLEX opened at $37.20 on Monday. Flex has a 1 year low of $21.84 and a 1 year high of $40.30. 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 stock’s 50-day moving average is $34.12 and its 200 day moving average is $31.89. The company has a market cap of $14.43 billion, a PE ratio of 16.46, a P/E/G ratio of 2.37 and a beta of 1.08.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the sale, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 5.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,185 shares of company stock worth $1,442,555. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FLEX. Harbor Capital Advisors Inc. bought a new stake in shares of Flex during the third quarter valued at approximately $29,000. Huntington National Bank boosted its stake in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in shares of Flex in the 3rd quarter worth $39,000. Quarry LP bought a new stake in shares of Flex in the 2nd quarter worth $43,000. Finally, American Capital Advisory LLC purchased a new position in shares of Flex in the second quarter worth $46,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

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.