Flex (NASDAQ:FLEX) Sets New 12-Month High - What's Next?

Flex Ltd. (NASDAQ:FLEX - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The stock traded as high as $53.97 and last traded at $53.85, with a volume of 3678395 shares changing hands. The stock had previously closed at $52.45.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FLEX shares. Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Stifel Nicolaus boosted their target price on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Friday. KeyCorp upped their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upped their price target on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Barclays boosted their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex has a consensus rating of "Buy" and an average price target of $53.71.

Flex Trading Up 0.2%

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. The stock's fifty day moving average price is $46.90 and its 200 day moving average price is $40.58. The stock has a market capitalization of $18.60 billion, a P/E ratio of 23.47, a PEG ratio of 1.98 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.51 earnings per share. Research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 87,093 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president owned 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael P. Hartung sold 35,393 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the transaction, the insider owned 293,195 shares in the company, valued at approximately $12,569,269.65. This trade represents a 10.77% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,135,941 shares of company stock valued at $47,582,965. Company insiders own 0.57% of the company's stock.

Institutional Investors Weigh In On Flex

A number of institutional investors have recently added to or reduced their stakes in FLEX. CWM LLC lifted its holdings in Flex by 258.7% in the 2nd quarter. CWM LLC now owns 4,595 shares of the technology company's stock valued at $229,000 after purchasing an additional 3,314 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Flex during the 2nd quarter worth about $2,371,000. Vanguard Personalized Indexing Management LLC grew its position in Flex by 35.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 45,057 shares of the technology company's stock valued at $2,249,000 after acquiring an additional 11,791 shares in the last quarter. Sather Financial Group Inc purchased a new stake in Flex during the second quarter worth approximately $270,000. Finally, Concurrent Investment Advisors LLC purchased a new stake in Flex during the second quarter worth approximately $251,000. Institutional investors and hedge funds own 94.30% of the company's stock.

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.