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

Shares of Flex Ltd. (NASDAQ:FLEX) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are covering the stock, Marketbeat reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $46.00.

FLEX has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 28th. KeyCorp restated an “overweight” rating on shares of Flex in a research note on Tuesday, June 3rd. Bank of America raised their price target on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday. Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 32,173 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $1,350,944.27. Following the completion of the transaction, the insider now directly owns 270,483 shares of the company’s stock, valued at $11,357,581.17. This trade represents a 10.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Scott Offer sold 87,093 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now directly owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 891,134 shares of company stock worth $36,818,451. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Evergreen Capital Management LLC lifted its holdings in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after acquiring an additional 266 shares during the last quarter. Dynasty Wealth Management LLC lifted its holdings in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after acquiring an additional 276 shares during the last quarter. WealthTrust Axiom LLC lifted its holdings in shares of Flex by 1.8% during the 1st quarter. WealthTrust Axiom LLC now owns 17,120 shares of the technology company’s stock worth $566,000 after acquiring an additional 300 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Flex by 30.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock worth $43,000 after acquiring an additional 306 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Trading Up 0.3%

NASDAQ:FLEX opened at $43.86 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm has a market cap of $16.37 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Flex has a 52 week low of $25.11 and a 52 week high of $45.10. The firm has a 50-day moving average price of $36.93 and a two-hundred day moving average price of $38.22.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. On average, equities analysts expect that Flex will post 2.33 earnings per share 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.