Flex Ltd. (NASDAQ:FLEX) Stock Has Average Price Target of $119.67

Key Points

• Analysts maintain a moderately bullish outlook: Flex has a consensus “Moderate Buy” rating from 11 firms, with an average 12-month price target of $119.67.
• Institutional investors hold a dominant stake: Institutions own 94.30% of Flex shares, with several major funds increasing their positions during the first quarter.
• The stock has pulled back significantly: Flex opened at $87.54, down 3.2%, versus a 52-week range of $53.07 to $166.86; the company most recently reported $1.00 in quarterly EPS on $7.93 billion in revenue.

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eleven research firms that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $119.67.

FLEX has been the subject of a number of recent research reports. Wall Street Zen upgraded Flex from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Raymond James Financial set a $170.00 price target on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. Weiss Ratings downgraded Flex from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 17th. Barclays dropped their price objective 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. Finally, Zacks Research cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th.

Insider Activity

In related news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider directly owned 243,175 shares of the company's stock, valued at approximately $29,336,632. The trade was a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Flex

Several hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in shares of Flex by 52.2% during the first quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company's stock valued at $146,016,000 after buying an additional 764,558 shares during the period. KBC Group NV raised its holdings in shares of Flex by 541.5% in the first quarter. KBC Group NV now owns 1,965,811 shares of the technology company's stock valued at $128,682,000 after acquiring an additional 1,659,384 shares in the last quarter. Amundi raised its holdings in shares of Flex by 15.5% in the first quarter. Amundi now owns 1,494,418 shares of the technology company's stock valued at $97,825,000 after acquiring an additional 200,553 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Flex by 9.3% in the first quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company's stock worth $84,714,000 after acquiring an additional 109,992 shares during the period. Finally, Swiss National Bank lifted its stake in Flex by 5.9% in the first quarter. Swiss National Bank now owns 1,085,250 shares of the technology company's stock worth $71,040,000 after acquiring an additional 60,500 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Down 3.2%

Shares of NASDAQ:FLEX opened at $87.54 on Tuesday. The company has a market cap of $32.34 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 0.46 and a beta of 1.67. Flex has a 12 month low of $53.07 and a 12 month high of $166.86. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The company has a 50-day moving average price of $112.11 and a 200 day moving average price of $119.26.

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

About Flex

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

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