Flex (NASDAQ:FLEX) Hits New 52-Week High – Still a Buy?

Flex Ltd. (NASDAQ:FLEX)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $44.45 and last traded at $41.97, with a volume of 1463578 shares traded. The stock had previously closed at $40.49.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports 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. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Barclays raised their target price on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Craig Hallum increased their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $42.67.

Flex Stock Up 1.7 %

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 stock has a market cap of $15.97 billion, a price-to-earnings ratio of 18.22, a price-to-earnings-growth ratio of 2.44 and a beta of 1.10. The business’s fifty day simple moving average is $38.41 and its 200 day simple moving average is $33.92.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC grew its stake in shares of Flex by 1.3% during the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after acquiring an additional 344,773 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Flex by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,978,522 shares of the technology company’s stock worth $235,289,000 after buying an additional 127,688 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Flex by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock worth $237,216,000 after buying an additional 31,214 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares in the last quarter. Institutional investors and hedge funds 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.