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

by · The Cerbat Gem

Flex Ltd. (NASDAQ:FLEX – Get Free Report) has been given an average rating of “Moderate Buy” by the eleven analysts that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $66.1111.

Several equities analysts recently commented on FLEX shares. Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Wednesday, January 14th. Bank of America raised their price objective on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 9th. Finally, Barclays decreased their price target on Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 14th.

Get Our Latest Report on FLEX

Insider Activity at Flex

In other news, CFO Kevin Krumm sold 21,406 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the completion of the sale, the chief financial officer directly owned 143,803 shares in the company, valued at approximately $8,805,057.69. This represents a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Hurlston sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the director owned 58,561 shares in the company, valued at approximately $3,396,538. This represents a 14.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 128,906 shares of company stock worth $7,904,439 over the last ninety days. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Flex

Large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Flex in the second quarter worth $291,362,000. State Street Corp raised its holdings 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 purchasing an additional 3,377,669 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Flex by 52.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares during the period. Qube Research & Technologies Ltd boosted its stake in shares of 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 purchasing an additional 1,522,308 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Flex by 5,973.9% during the third quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock valued at $79,132,000 after buying an additional 1,342,569 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Up 3.4%

Shares of NASDAQ FLEX opened at $66.60 on Friday. The stock has a market capitalization of $24.63 billion, a P/E ratio of 29.47, a PEG ratio of 1.71 and a beta of 1.24. Flex has a one year low of $25.11 and a one year high of $72.22. The firm’s 50 day simple moving average is $62.26 and its two-hundred day simple moving average is $58.23. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

About Flex

(Get Free Report)

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.

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