Flex (NASDAQ:FLEX) Shares Cross Above 200 Day Moving Average - Here's Why

Flex Ltd. (NASDAQ:FLEX - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $33.64 and traded as high as $38.94. Flex shares last traded at $38.63, with a volume of 1,760,148 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FLEX. The Goldman Sachs Group set a $39.00 price target on Flex in a research report on Thursday, October 17th. Craig Hallum increased their target price on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research report on Tuesday, October 29th. KeyCorp initiated coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 price objective for the company. Finally, Barclays increased their target price on Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Flex presently has an average rating of "Buy" and a consensus target price of $42.67.

Flex Price Performance

The stock has a market capitalization of $14.89 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The business's 50-day moving average price is $38.05 and its 200 day moving average price is $33.69. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43.

Insider Buying and Selling

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

Hedge Funds Weigh In On Flex

Institutional investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in Flex in the 3rd quarter worth $29,000. Huntington National Bank increased its holdings in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock worth $34,000 after buying an additional 479 shares during the period. Kathleen S. Wright Associates Inc. bought a new stake in shares of Flex in the 3rd quarter valued at about $39,000. Quarry LP purchased a new stake in Flex during the 2nd quarter valued at about $43,000. Finally, First Horizon Advisors Inc. grew its position in Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock worth $53,000 after acquiring an additional 305 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

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.