Flex Ltd. (NASDAQ:FLEX) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Flex has a consensus “Moderate Buy” rating from 12 analysts: nine recommend buying, one rates it a strong buy, and two advise holding. The average 12-month price target is $114.20.
• Recent broker actions were mixed, with Goldman Sachs and Barclays lowering their price targets while maintaining positive ratings; other firms made both upgrades and downgrades.
• Flex reported quarterly EPS of $1.00 on $7.93 billion in revenue. Insiders sold approximately $67 million of stock over the past 90 days, while institutional investors own 94.3% of outstanding shares.

Flex Ltd. (NASDAQ:FLEX - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $114.20.

Several brokerages have issued reports on FLEX. The Goldman Sachs Group cut their price target on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Zacks Research lowered shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Freedom Capital raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Finally, Robert W. Baird set a $142.00 price objective on shares of Flex in a research report on Thursday, July 30th.

Flex Price Performance

Shares of FLEX stock opened at $110.50 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The firm's 50-day moving average is $127.37 and its 200-day moving average is $107.57. The stock has a market cap of $40.82 billion, a price-to-earnings ratio of 42.66, a PEG ratio of 0.56 and a beta of 1.68. Flex has a 52-week low of $51.76 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Sell-side analysts predict that Flex will post 4.27 EPS for the current year.

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 197,879 shares of Flex stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the sale, the chief executive officer owned 623,466 shares of the company's stock, valued at approximately $89,978,613.12. This trade represents a 24.09% 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 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, EVP David Scott Offer sold 33,000 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the sale, the executive vice president directly owned 73,471 shares of the company's stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 459,938 shares of company stock worth $67,020,113 in the last ninety days. 0.62% of the stock is currently owned by company insiders.

Institutional Trading of Flex

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust increased its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after purchasing an additional 166 shares during the period. Frazier Financial Advisors LLC bought a new stake in shares of Flex in the fourth quarter valued at approximately $28,000. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd grew its position in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company's stock worth $43,000 after buying an additional 695 shares in the last quarter. Finally, CENTRAL TRUST Co increased its stake in Flex by 58.1% during the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company's stock worth $48,000 after acquiring an additional 293 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

About Flex

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.

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