Flex (NASDAQ:FLEX) Sets New 52-Week High - Should You Buy?

Flex Ltd. (NASDAQ:FLEX - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $47.75 and last traded at $47.67, with a volume of 1074240 shares traded. The stock had previously closed at $46.35.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FLEX shares. Bank of America boosted their target price on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Wall Street Zen upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 28th. KeyCorp reissued an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Barclays increased their target price on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their price target on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Flex presently has an average rating of "Buy" and an average target price of $46.00.

Flex Stock Performance

The firm has a 50-day moving average of $39.75 and a two-hundred day moving average of $38.57. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $17.85 billion, a PE ratio of 22.56, a PEG ratio of 1.71 and a beta of 1.04.

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, beating analysts' consensus estimates of $0.69 by $0.04. The business 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 business's revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. Research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In other news, CAO Daniel Wendler sold 4,502 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $189,038.98. Following the transaction, the chief accounting officer now owns 38,676 shares of the company's stock, valued at $1,624,005.24. This represents a 10.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 120,280 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the transaction, the chief executive officer now directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock valued at $47,582,965 over the last ninety days. Insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On Flex

Several institutional investors and hedge funds have recently modified their holdings of FLEX. Rise Advisors LLC purchased a new stake in shares of Flex in the 1st quarter valued at $25,000. Olde Wealth Management LLC purchased a new stake in Flex during the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new stake in Flex during the 1st quarter worth about $26,000. CX Institutional purchased a new stake in Flex during the 1st quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Flex during the 4th quarter worth about $35,000. 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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