Flex (NASDAQ:FLEX) Sets New 52-Week High – What’s Next?

Flex Ltd. (NASDAQ:FLEX) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $147.76 and last traded at $146.7260, with a volume of 2170281 shares. The stock had previously closed at $145.79.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLEX. KeyCorp boosted their price target on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Raymond James Financial set a $80.00 price target on shares of Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $112.80.

Flex Trading Up 4.0%

The business has a fifty day moving average price of $98.58 and a two-hundred day moving average price of $75.42. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $55.19 billion, a PE ratio of 64.66, a PEG ratio of 0.76 and a beta of 1.46.

Flex (NASDAQ:FLEX) last posted its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Analysts expect that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 22,216 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the completion of the transaction, the insider owned 232,706 shares of the company’s stock, valued at approximately $33,132,680.28. This trade represents a 8.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,175 shares of Flex stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the completion of the sale, the chief operating officer owned 256,043 shares of the company’s stock, valued at $36,452,841.91. This trade represents a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 329,512 shares of company stock worth $44,459,298. 0.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flex

Several hedge funds have recently bought and sold shares of FLEX. Brighton Jones LLC purchased a new stake in Flex during the fourth quarter worth about $260,000. Goldman Sachs Group Inc. boosted its stake in shares of Flex by 19.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after purchasing an additional 211,046 shares during the period. Empowered Funds LLC acquired a new position in shares of Flex in the first quarter valued at approximately $397,000. EverSource Wealth Advisors LLC lifted its holdings in Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after buying an additional 29,821 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

About Flex

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.