Flex (NASDAQ:FLEX) Reaches New 12-Month High - Still a Buy?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FLEX shares. Bank of America lifted their target price on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. KeyCorp lifted their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Barclays lifted their target price on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $48.29.

Flex Stock Up 0.8%

The stock has a 50 day moving average of $43.59 and a 200-day moving average of $39.50. The firm has a market capitalization of $19.31 billion, a P/E ratio of 24.38, a PEG ratio of 1.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30.

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

Insider Activity

In other news, CEO Revathi Advaithi sold 37,465 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the sale, the chief executive officer directly owned 1,363,312 shares in the company, valued at $61,362,673.12. This represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael P. Hartung sold 6,887 shares of the company'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 $309,983.87. Following the sale, the insider owned 303,718 shares in the company, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Flex during the 4th quarter valued at about $229,484,000. Invesco Ltd. grew its holdings in shares of Flex by 55.0% in the first 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 during the last quarter. Pacer Advisors Inc. lifted its stake in Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock worth $95,936,000 after acquiring an additional 2,825,667 shares during the period. Neuberger Berman Group LLC lifted its stake in Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after acquiring an additional 1,229,106 shares during the period. Finally, Alyeska Investment Group L.P. lifted its stake in Flex by 73.6% in the first quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company's stock worth $91,888,000 after acquiring an additional 1,177,970 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.

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