Flex Ltd. (NASDAQ:FLEX) Given Average Recommendation of “Buy” by Brokerages

Flex Ltd. (NASDAQ:FLEX) has been given an average rating of “Buy” by the six research firms that are currently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $43.67.

Several analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 price objective on Flex in a research report on Thursday, October 17th. KeyCorp assumed coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. Finally, Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can grew its position in shares of Flex by 73.3% during the 2nd quarter. Bank of Montreal Can now owns 60,936 shares of the technology company’s stock worth $1,877,000 after buying an additional 25,765 shares during the period. AQR Capital Management LLC grew its holdings in Flex by 6.8% during the second quarter. AQR Capital Management LLC now owns 226,303 shares of the technology company’s stock valued at $6,674,000 after purchasing an additional 14,473 shares during the period. NewEdge Advisors LLC increased its stake in Flex by 353.7% in the second quarter. NewEdge Advisors LLC now owns 102,234 shares of the technology company’s stock valued at $3,015,000 after purchasing an additional 79,700 shares in the last quarter. Quarry LP bought a new position in shares of Flex during the second quarter worth $43,000. Finally, Truist Financial Corp grew its holdings in shares of Flex by 10.3% in the 2nd quarter. Truist Financial Corp now owns 77,648 shares of the technology company’s stock valued at $2,290,000 after buying an additional 7,236 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Trading Down 2.5 %

Shares of FLEX opened at $43.16 on Friday. The stock has a 50 day simple moving average of $40.18 and a 200-day simple moving average of $35.76. 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 $16.53 billion, a PE ratio of 17.40, a PEG ratio of 2.43 and a beta of 1.10. Flex has a 1 year low of $24.57 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.83% and a net margin of 3.95%. On average, sell-side analysts predict that Flex will post 2.33 EPS for the current fiscal 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.