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

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) have earned an average recommendation of "Buy" from the six analysts that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $45.33.

Several equities research analysts recently commented on the stock. KeyCorp boosted their price objective on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus began coverage on Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th.

Flex Trading Down 0.1%

Shares of NASDAQ FLEX opened at $38.48 on Monday. Flex has a twelve month low of $25.11 and a twelve month high of $45.10. The stock has a market cap of $14.74 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The company's fifty day moving average is $33.55 and its 200-day moving average is $37.51.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts predict that Flex will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Revathi Advaithi sold 120,280 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the transaction, the chief executive officer now directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. The trade was a 9.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the 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 sale, the executive vice president now owns 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

Institutional Trading of Flex

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth approximately $229,484,000. Pacer Advisors Inc. increased its holdings in shares of Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after purchasing an additional 2,825,667 shares during the last quarter. Invesco Ltd. raised its position in shares of Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after purchasing an additional 1,620,812 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after buying an additional 1,327,298 shares during the period. Finally, Neuberger Berman Group LLC grew its stake in Flex by 13,790.0% in the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock valued at $47,528,000 after buying an additional 1,229,106 shares during the last quarter. Institutional investors own 94.30% of the company's stock.

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.

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