Flex (NASDAQ:FLEX) Sets New 52-Week High - Still a Buy?

Flex Ltd. (NASDAQ:FLEX - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $45.13 and last traded at $45.65, with a volume of 609938 shares. The stock had previously closed at $43.91.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FLEX. Barclays lifted their price target on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. KeyCorp reaffirmed an "overweight" rating on shares of Flex in a report on Tuesday, June 3rd. Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $46.00.

Flex Trading Up 2.4%

The stock's 50-day moving average is $38.21 and its two-hundred day moving average is $38.33. The company has a market cap of $16.79 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results 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 net margin of 3.95% and a return on equity of 17.93%. The firm's revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. As a group, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 4,554 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $43.49, for a total transaction of $198,053.46. Following the transaction, the insider now directly owns 310,605 shares in the company, valued at $13,508,211.45. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Revathi Advaithi sold 132,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $43.70, for a total value of $5,768,400.00. Following the completion of the sale, the chief executive officer now owns 1,331,695 shares of the company's stock, valued at $58,195,071.50. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,074,948 shares of company stock worth $44,837,670. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flex

A number of institutional investors have recently added to or reduced their stakes in FLEX. Rise Advisors LLC purchased a new stake in Flex in the first quarter valued at about $25,000. Olde Wealth Management LLC purchased a new stake in Flex during the 1st quarter valued at about $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Flex in the first quarter valued at about $26,000. CX Institutional purchased a new position in shares of Flex in the first quarter worth about $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Flex in the fourth quarter valued at approximately $35,000. 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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