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

Shares of Flex Ltd. (NASDAQ:FLEX) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $66.1111.

A number of research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Argus set a $85.00 target price on shares of Flex in a research note on Friday, October 31st. Bank of America lifted their price target on shares of Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Finally, Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th.

Flex Stock Down 1.5%

Shares of FLEX stock opened at $63.78 on Friday. Flex has a 1 year low of $25.11 and a 1 year high of $72.22. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The business’s fifty day moving average is $62.44 and its 200-day moving average is $58.36. The stock has a market cap of $23.59 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 1.72 and a beta of 1.24.

Insider Activity at Flex

In other news, Director William D. Watkins sold 20,000 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $54.52, for a total transaction of $1,090,400.00. Following the completion of the sale, the director directly owned 98,073 shares of the company’s stock, valued at $5,346,939.96. This represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of Flex stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the transaction, the director directly owned 58,561 shares in the company, valued at $3,396,538. This represents a 14.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 128,906 shares of company stock valued at $7,904,439 over the last ninety days. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Flex in the second quarter worth $291,362,000. State Street Corp lifted its stake in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. Geode Capital Management LLC boosted its position in Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after acquiring an additional 2,459,511 shares during the period. Qube Research & Technologies Ltd grew its stake in Flex by 118.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after acquiring an additional 1,522,308 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in shares of Flex by 5,973.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock valued at $79,132,000 after purchasing an additional 1,342,569 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.