Flex (NASDAQ:FLEX) Hits New 52-Week High - Here's Why

Shares of Flex Ltd. (NASDAQ:FLEX - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $36.02 and last traded at $35.37, with a volume of 936685 shares. The stock had previously closed at $34.67.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FLEX shares. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They issued an "overweight" rating and a $41.00 price target for the company. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research report on Tuesday. Craig Hallum upgraded shares of Flex from a "hold" rating to a "buy" rating and upped their price target for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Finally, Stifel Nicolaus boosted their price objective on shares of Flex from $32.00 to $37.00 and gave the company a "buy" rating in a report on Thursday, July 25th. Six equities 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 MarketBeat, Flex has a consensus rating of "Buy" and a consensus target price of $39.17.

Flex Stock Performance

The stock has a 50 day moving average of $32.61 and a 200 day moving average of $31.08. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. The firm has a market cap of $14.21 billion, a price-to-earnings ratio of 15.55, a P/E/G ratio of 2.01 and a beta of 1.09.

Insiders Place Their Bets

In other news, insider Kwang Hooi Tan sold 8,028 shares of the business's stock in a transaction on 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 approximately $8,494,237.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now directly owns 158,094 shares in the company, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of the company's stock in a transaction dated Monday, October 28th. The stock was 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 of the company's stock, valued at approximately $8,494,237.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock worth $933,511 over the last three months. Insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On Flex

Institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new stake in Flex in the third quarter valued at $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex in the third quarter valued at about $39,000. Quarry LP bought a new position in shares of Flex during the second quarter worth about $43,000. American Capital Advisory LLC acquired a new position in shares of Flex in the second quarter worth approximately $46,000. Finally, Silicon Valley Capital Partners bought a new stake in Flex in the third quarter valued at approximately $74,000. 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.