Flex (NASDAQ:FLEX) Reaches New 12-Month High - Time to Buy?

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $52.17 and last traded at $51.90, with a volume of 1615394 shares traded. The stock had previously closed at $51.27.

Analyst Ratings Changes

Several analysts have recently commented on FLEX shares. Wall Street Zen cut shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Barclays increased their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Bank of America increased their price target on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday. KeyCorp increased their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex has a consensus rating of "Buy" and an average target price of $49.43.

Flex Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. The company's fifty day simple moving average is $44.27 and its two-hundred day simple moving average is $39.67. The stock has a market capitalization of $19.41 billion, a PE ratio of 24.50, a P/E/G ratio of 1.92 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period last year, the firm posted $0.57 EPS. The firm's revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 37,465 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,363,312 shares of the company's stock, valued at approximately $61,362,673.12. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Wendler sold 1,245 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $56,037.45. Following the completion of the sale, the chief accounting officer directly owned 47,619 shares in the company, valued at $2,143,331.19. This represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock worth $47,582,965 over the last three months. Company insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On Flex

Several hedge funds have recently modified their holdings of FLEX. Brighton Jones LLC acquired a new stake in shares of Flex in the fourth quarter worth approximately $260,000. Jones Financial Companies Lllp boosted its position in shares of Flex by 133.4% in the fourth quarter. Jones Financial Companies Lllp now owns 2,322 shares of the technology company's stock worth $89,000 after acquiring an additional 1,327 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Flex in the fourth quarter worth approximately $38,000. Steward Partners Investment Advisory LLC lifted its position in Flex by 149.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,307 shares of the technology company's stock valued at $165,000 after buying an additional 2,582 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Flex during the fourth quarter valued at approximately $5,552,000. 94.30% of the stock is owned by institutional investors and hedge funds.

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.