Flex Ltd. (NASDAQ:FLEX) Receives $112.80 Average Price Target from Analysts

Flex Ltd. (NASDAQ:FLEX) has been given a consensus recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $112.80.

FLEX has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. JPMorgan Chase & Co. boosted their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. KeyCorp boosted their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus boosted their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th.

Flex Stock Up 8.1%

Shares of NASDAQ FLEX opened at $143.24 on Friday. The company has a market capitalization of $52.48 billion, a price-to-earnings ratio of 61.48, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The business has a 50-day moving average of $93.62 and a two-hundred day moving average of $73.73. Flex has a 1 year low of $41.43 and a 1 year high of $147.34.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, analysts forecast that Flex will post 4.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Kwang Hooi Tan sold 17,500 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $135.93, for a total value of $2,378,775.00. Following the completion of the sale, the chief operating officer directly owned 238,543 shares of the company’s stock, valued at approximately $32,425,149.99. The trade was a 6.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Erin Mcsweeney sold 2,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $132.51, for a total value of $265,020.00. Following the completion of the sale, the director directly owned 9,512 shares of the company’s stock, valued at $1,260,435.12. The trade was a 17.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 329,512 shares of company stock worth $44,459,298. Corporate insiders own 0.57% of the company’s stock.

Institutional Trading of Flex

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the period. Norges Bank acquired a new position in Flex in the 4th quarter valued at about $319,756,000. State Street Corp increased its position in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Flex by 694,916.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after acquiring an additional 2,640,682 shares during the period. Finally, Polar Capital Holdings Plc increased its position in Flex by 141.8% in the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after acquiring an additional 2,165,780 shares during the period. 94.30% of the stock is owned by hedge funds and other 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.