Flex Ltd. (NASDAQ:FLEX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Flex has a “Moderate Buy” consensus from 12 analysts: nine recommend buying, two advise holding, and one rates it a strong buy. The average 12-month price target is $114.20, though individual targets range widely from $95 to $180.
• Flex shares opened at $121.88, down 3.8%, and remain below their 50-day moving average of $138.40. The company recently reported quarterly EPS of $1.00 on $7.93 billion in revenue, with analysts expecting $4.18 in annual EPS.
• Insiders sold 769,195 shares worth approximately $110.1 million over the past three months, including sales by the CEO and an executive vice president. Institutional investors own a substantial 94.3% of Flex’s outstanding stock.

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

A number of analysts recently commented on the company. Stifel Nicolaus lifted their price target on Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. KeyCorp boosted their target price on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Robert W. Baird set a $142.00 price target on shares of Flex in a research note on Thursday, July 30th. Weiss Ratings restated a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. Finally, Barclays reduced their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 33,000 shares of the firm's stock in a transaction on 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 sale, the executive vice president owned 73,471 shares in the company, valued at approximately $11,307,921.61. This trade represents a 30.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28. Following the completion of the transaction, the chief executive officer directly owned 623,466 shares in the company, valued at approximately $89,978,613.12. This represents a 24.09% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock worth $110,116,823 over the last three months. Company insiders own 0.62% of the company's stock.

Institutional Trading of Flex

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

Flex Stock Down 3.8%

FLEX opened at $121.88 on Thursday. Flex has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The firm has a market capitalization of $45.02 billion, a P/E ratio of 47.06, a PEG ratio of 0.65 and a beta of 1.67. The company's 50-day moving average is $138.40 and its 200 day moving average is $101.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The firm had revenue of $7.93 billion during the quarter. Research analysts expect that Flex will post 4.18 earnings per share for the current fiscal year.

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.

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