Flex Ltd. (NASDAQ:FLEX) Receives Consensus Rating of "Buy" from Analysts

Flex Ltd. (NASDAQ:FLEX - Get Free Report) has received an average recommendation of "Buy" from the six ratings firms that are covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $42.67.

A number of research firms have issued reports on FLEX. Craig Hallum raised their target price on Flex from $39.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Barclays raised their price objective on shares of Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price target on shares of Flex in a report on Thursday, October 17th. Stifel Nicolaus boosted their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Finally, KeyCorp started coverage on shares of Flex in a research note on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price for the company.

Flex Stock Performance

Shares of NASDAQ FLEX traded up $0.69 during trading hours on Tuesday, hitting $41.18. 4,634,248 shares of the stock were exchanged, compared to its average volume of 3,022,386. The firm has a market capitalization of $15.97 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.44 and a beta of 1.10. Flex has a one year low of $21.84 and a one year high of $44.45. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The company's 50 day moving average is $38.54 and its 200 day moving average is $33.99.

Insiders Place Their Bets

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the sale, the insider now directly owns 240,018 shares of the company's stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles K. Stevens III sold 13,157 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On Flex

A number of institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex in the third quarter valued at approximately $29,000. Huntington National Bank increased its stake in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock valued at $34,000 after buying an additional 479 shares during the period. Kathleen S. Wright Associates Inc. bought a new stake in shares of Flex during the third quarter worth $39,000. Quarry LP acquired a new position in shares of Flex during the second quarter valued at $43,000. Finally, First Horizon Advisors Inc. boosted its holdings in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock valued at $53,000 after acquiring an additional 305 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

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.