Flex (NASDAQ:FLEX) Shares Gap Up - Should You Buy?

Flex Ltd. (NASDAQ:FLEX - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $37.40, but opened at $38.50. Flex shares last traded at $39.42, with a volume of 871,975 shares changing hands.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of recent research reports. Barclays increased their target price on Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a report on Thursday, October 17th. KeyCorp initiated coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 target price on the stock. Stifel Nicolaus lifted their price target on Flex from $40.00 to $48.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Finally, Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has a consensus rating of "Buy" and an average price target of $42.67.

Flex Stock Performance

The company's 50 day simple moving average is $37.23 and its 200 day simple moving average is $33.24. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. The stock has a market cap of $14.71 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10.

Insider Activity at Flex

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

Hedge Funds Weigh In On Flex

A number of large investors have recently modified their holdings of the company. Creative Planning lifted its position in Flex by 0.6% during the third quarter. Creative Planning now owns 141,371 shares of the technology company's stock valued at $4,726,000 after purchasing an additional 839 shares during the last quarter. Hsbc Holdings PLC boosted its position in Flex by 254.9% during the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company's stock valued at $1,499,000 after acquiring an additional 36,465 shares in the last quarter. Valliance Asset Management Ltd purchased a new position in shares of Flex during the 2nd quarter worth approximately $2,654,000. Algert Global LLC raised its holdings in Flex by 14.6% in the second quarter. Algert Global LLC now owns 250,455 shares of the technology company's stock worth $7,386,000 after purchasing an additional 31,876 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in Flex by 153.6% during the 3rd quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company's stock valued at $3,724,000 after acquiring an additional 67,468 shares during the period. 94.30% of the stock is currently 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.