Flex Ltd. (NASDAQ:FLEX) Receives $114.20 Average Price Target from Brokerages

Shares of Flex Ltd. (NASDAQ:FLEX) have been assigned an average rating of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $114.20.

Several brokerages have recently commented on FLEX. The Goldman Sachs Group reduced their target price on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Barclays cut their price objective on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Finally, Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th.

Flex Trading Down 1.4%

Shares of Flex stock opened at $119.70 on Thursday. Flex has a 12-month low of $47.83 and a 12-month high of $166.86. The stock has a market capitalization of $44.22 billion, a P/E ratio of 46.22, a price-to-earnings-growth ratio of 0.61 and a beta of 1.68. The company has a 50-day simple moving average of $136.81 and a 200 day simple moving average of $102.39. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The firm had revenue of $7.93 billion for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Research analysts expect that Flex will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 1,311 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the transaction, the chief accounting officer owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 563,183 shares of company stock worth $80,863,830. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Flex

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLEX. Brighton Jones LLC bought a new position in shares of Flex in the 4th quarter valued at about $260,000. Goldman Sachs Group Inc. raised its stake in shares of Flex by 19.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock worth $42,314,000 after buying an additional 211,046 shares during the last quarter. Empowered Funds LLC acquired a new position in Flex in the first quarter valued at approximately $397,000. EverSource Wealth Advisors LLC lifted its holdings in Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after buying an additional 1,031 shares during the period. Finally, First Trust Advisors LP boosted its stake in Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after acquiring an additional 29,821 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Company Profile

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.