Flex (NASDAQ:FLEX) Stock Price Up 8.4% – Should You Buy?

Flex Ltd. (NASDAQ:FLEX)’s share price shot up 8.4% during trading on Thursday . The stock traded as high as $144.11 and last traded at $144.5190. 1,447,196 shares traded hands during trading, a decline of 72% from the average session volume of 5,238,475 shares. The stock had previously closed at $133.37.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FLEX. Stifel Nicolaus boosted their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday. The Goldman Sachs Group raised their price target on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, KeyCorp lifted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Trading Up 7.6%

The firm has a market capitalization of $52.56 billion, a price-to-earnings ratio of 61.54, a P/E/G ratio of 0.69 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company has a 50 day moving average price of $140.54 and a two-hundred day moving average price of $92.77.

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

Insider Buying and Selling at Flex

In other Flex news, CEO Revathi Advaithi sold 39,188 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares in the company, valued at approximately $84,825,480.04. The trade was a 6.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total value of $1,055,604.18. Following the transaction, the insider directly owned 245,930 shares of the company’s stock, valued at $35,713,954.60. The trade was a 2.87% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 769,195 shares of company stock valued at $110,116,823. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in shares of Flex in the fourth quarter valued at about $28,000. Frazier Financial Advisors LLC purchased a new stake in Flex during the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust raised its holdings in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after acquiring an additional 166 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in Flex in the 4th quarter valued at about $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after purchasing an additional 695 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.