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

Flex Ltd. (NASDAQ:FLEX) has been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $45.33.

Several equities analysts recently weighed in on FLEX shares. JPMorgan Chase & Co. reduced their target price on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th.

Insider Activity

In other news, Director Erin Mcsweeney sold 14,000 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.94, for a total value of $587,160.00. Following the completion of the sale, the director now owns 22,299 shares in the company, valued at approximately $935,220.06. This trade represents a 38.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the sale, the chief executive officer now owns 1,112,193 shares of the company’s stock, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 489,255 shares of company stock worth $19,589,788. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flex

A number of hedge funds have recently bought and sold shares of FLEX. Barclays PLC grew its stake in Flex by 42.6% during the 3rd quarter. Barclays PLC now owns 774,856 shares of the technology company’s stock valued at $25,902,000 after purchasing an additional 231,572 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after buying an additional 296,505 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Flex by 4.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 48,895 shares of the technology company’s stock worth $1,877,000 after buying an additional 1,945 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in Flex during the 4th quarter worth approximately $321,000. Finally, Park Avenue Securities LLC lifted its holdings in Flex by 12.2% during the 4th quarter. Park Avenue Securities LLC now owns 24,484 shares of the technology company’s stock worth $940,000 after buying an additional 2,654 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

NASDAQ FLEX opened at $42.02 on Monday. The business’s 50-day moving average price is $34.29 and its 200 day moving average price is $37.74. Flex has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a market capitalization of $16.10 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts predict that Flex will post 2.33 earnings per share for the current year.

Flex Company Profile

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.