Flex Ltd. (NASDAQ:FLEX) Given Average Recommendation of "Buy" by Analysts

Flex Ltd. (NASDAQ:FLEX - Get Free Report) has been assigned a consensus rating of "Buy" from the seven analysts that are covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have covered the stock in the last year is $46.00.

FLEX has been the subject of several recent analyst reports. Bank of America increased their price target on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. lowered their target price on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. KeyCorp reaffirmed an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Friday. Finally, Barclays boosted their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th.

Insider Activity

In related news, COO Kwang Hooi Tan sold 8,509 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $382,990.09. Following the completion of the sale, the chief operating officer directly owned 276,136 shares in the company, valued at approximately $12,428,881.36. This trade represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the transaction, the executive vice president owned 148,643 shares of the company's stock, valued at $6,690,421.43. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,135,941 shares of company stock worth $47,582,965. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flex

Institutional investors and hedge funds have recently modified their holdings of the stock. Boston Partners grew its stake in Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after buying an additional 569,916 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Flex by 4.8% during the first quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company's stock worth $719,232,000 after acquiring an additional 996,276 shares during the period. Vanguard Group Inc. grew its holdings in Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after buying an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after acquiring an additional 916,085 shares during the period. Finally, Invesco Ltd. grew its position in shares of Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock worth $276,652,000 after purchasing an additional 2,968,285 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Trading Down 2.9%

Shares of FLEX stock traded down $1.43 on Tuesday, reaching $48.49. The company had a trading volume of 5,248,565 shares, compared to its average volume of 3,999,857. The stock has a market cap of $18.12 billion, a PE ratio of 22.87, a PEG ratio of 1.85 and a beta of 1.04. The company has a 50-day moving average of $41.57 and a 200-day moving average of $38.96. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. Flex has a 12 month low of $25.11 and a 12 month high of $50.62.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results 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 the consensus estimate of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. On average, equities analysts forecast that Flex will post 2.33 earnings per share for the current year.

Flex Company Profile

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.