Flex (NASDAQ:FLEX) Stock Jumps 4.8% – What’s Next?

Flex Ltd. (NASDAQ:FLEX) shares shot up 4.8% on Friday. The stock traded as high as $117.67 and last traded at $117.7560. 225,072 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 4,803,476 shares. The stock had previously closed at $112.40.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings cut shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 17th. Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Wall Street Zen cut Flex from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Barclays lowered their price objective on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Flex has an average rating of “Moderate Buy” and an average target price of $114.20.

Flex Trading Up 4.5%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The company has a market capitalization of $43.38 billion, a price-to-earnings ratio of 45.42, a price-to-earnings-growth ratio of 0.58 and a beta of 1.67. The firm has a fifty day moving average price of $115.10 and a 200-day moving average price of $113.73.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The business had revenue of $7.93 billion during the quarter. As a group, equities analysts anticipate that Flex Ltd. will post 4.27 EPS for the current year.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider owned 243,175 shares of the company’s stock, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FLEX. QRG Capital Management Inc. boosted its stake in shares of Flex by 6.6% in the 2nd quarter. QRG Capital Management Inc. now owns 32,773 shares of the technology company’s stock valued at $5,311,000 after purchasing an additional 2,042 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Flex by 8.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,743 shares of the technology company’s stock valued at $931,000 after buying an additional 443 shares in the last quarter. Andra AP fonden grew its stake in shares of Flex by 41.9% during the second quarter. Andra AP fonden now owns 38,624 shares of the technology company’s stock worth $6,260,000 after buying an additional 11,400 shares during the last quarter. Security National Bank of SO Dak bought a new position in shares of Flex in the 2nd quarter valued at $89,000. Finally, Revere Asset Management Inc acquired a new stake in shares of Flex during the 2nd quarter valued at $6,874,000. Institutional investors own 94.30% of the company’s stock.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.