Flex Ltd. (NASDAQ:FLEX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Flex Ltd. (NASDAQ:FLEX) have received a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $66.1111.

A number of research analysts have commented on the stock. The Goldman Sachs Group upped their target price on shares of Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Wednesday. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Barclays decreased their price target on Flex from $78.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th.

Flex Stock Performance

Shares of Flex stock opened at $64.83 on Friday. The firm has a market cap of $23.97 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.77 and a beta of 1.24. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. Flex has a 52 week low of $25.11 and a 52 week high of $72.22. The business’s fifty day simple moving average is $62.11 and its 200-day simple moving average is $57.87.

Insider Buying and Selling

In other Flex news, CAO Daniel Wendler sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $71.97, for a total transaction of $719,700.00. Following the sale, the chief accounting officer directly owned 27,619 shares in the company, valued at $1,987,739.43. This represents a 26.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Watkins sold 20,000 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $54.52, for a total transaction of $1,090,400.00. Following the sale, the director directly owned 98,073 shares in the company, valued at $5,346,939.96. This represents a 16.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 128,906 shares of company stock worth $7,904,439 over the last 90 days. 0.57% of the stock is owned by insiders.

Hedge Funds Weigh In On Flex

Institutional investors have recently modified their holdings of the business. Boston Partners increased its position in shares of Flex by 3.5% during the second quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock worth $1,029,769,000 after acquiring an additional 687,835 shares during the period. Vanguard Group Inc. grew its stake in Flex by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,083,744 shares of the technology company’s stock worth $758,465,000 after purchasing an additional 221,819 shares in the last quarter. State Street Corp increased its holdings in Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the period. Invesco Ltd. raised its position in Flex by 6.1% in the 2nd quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock valued at $442,870,000 after purchasing an additional 508,495 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Flex by 52.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after buying an additional 2,459,511 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.