Flex (NASDAQ:FLEX) Hits New 1-Year High - Should You Buy?

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $52.92 and last traded at $52.60, with a volume of 364856 shares trading hands. The stock had previously closed at $51.85.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FLEX. Barclays increased their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Bank of America raised their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $52.29.

Flex Stock Down 0.2%

The firm has a market cap of $19.83 billion, a price-to-earnings ratio of 25.03, a P/E/G ratio of 1.92 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average price of $46.05 and a 200-day moving average price of $40.22.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. On average, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

In other Flex news, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the executive vice president owned 148,643 shares in the company, valued at $6,690,421.43. The trade was a 4.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Revathi Advaithi sold 37,465 shares of Flex stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $1,686,299.65. Following the completion of the sale, the chief executive officer owned 1,363,312 shares of the company's stock, valued at $61,362,673.12. This trade represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock worth $47,582,965 in the last quarter. Corporate insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On Flex

Large investors have recently bought and sold shares of the stock. United Services Automobile Association purchased a new position in Flex during the fourth quarter worth approximately $982,000. Sowell Financial Services LLC purchased a new position in Flex during the first quarter worth approximately $246,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Flex by 7,157.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company's stock worth $2,290,000 after purchasing an additional 68,065 shares during the period. Brandywine Global Investment Management LLC grew its holdings in shares of Flex by 219.2% during the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock worth $5,119,000 after purchasing an additional 91,571 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Flex by 7.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company's stock worth $3,563,000 after purchasing an additional 7,637 shares during the period. Hedge funds and other 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.