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

Flex Ltd. (NASDAQ:FLEX) has earned an average rating of “Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $43.67.

Several equities analysts recently commented on FLEX shares. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. KeyCorp dropped their price target on shares of Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group decreased their price objective on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, Barclays increased their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC grew its position in shares of Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after purchasing an additional 266 shares during the period. Sage Rhino Capital LLC grew its position in Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock worth $1,358,000 after purchasing an additional 374 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after purchasing an additional 403 shares during the period. Finally, Park Avenue Securities LLC raised its holdings in shares of Flex by 1.8% during the first quarter. Park Avenue Securities LLC now owns 24,916 shares of the technology company’s stock valued at $824,000 after buying an additional 432 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Down 3.2 %

FLEX opened at $30.53 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex has a 1 year low of $25.11 and a 1 year high of $45.10. The firm has a 50 day moving average price of $34.75 and a 200 day moving average price of $37.39. The company has a market cap of $11.70 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts expect that Flex will post 2.33 earnings per share for the current year.

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.