Analysts Set Flex Ltd. (NASDAQ:FLEX) Price Target at $38.40

Shares of Flex Ltd. (NASDAQ:FLEX) have earned a consensus recommendation of “Buy” from the five brokerages that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $38.40.

FLEX has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Craig Hallum raised Flex from a “hold” rating to a “buy” rating and boosted their target price for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. Barclays raised their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. 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 research report on Thursday, July 25th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd.

Flex Price Performance

Shares of Flex stock opened at $33.47 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. Flex has a 12 month low of $21.84 and a 12 month high of $34.42. The stock has a 50 day moving average of $31.17 and a 200 day moving average of $30.35. The firm has a market cap of $13.35 billion, a PE ratio of 14.55, a PEG ratio of 1.92 and a beta of 1.09.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $5.89 billion. On average, research analysts expect that Flex will post 2.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the transaction, the insider now directly owns 175,468 shares in the company, valued at $5,576,373.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the company’s 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 sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 over the last quarter. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

Several institutional investors have recently made changes to their positions in FLEX. SG Americas Securities LLC grew its holdings in Flex by 441.6% during the 2nd quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after acquiring an additional 38,711 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Flex by 254.9% during the second quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after purchasing an additional 36,465 shares in the last quarter. Twin Tree Management LP boosted its stake in shares of Flex by 29,912.0% during the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 96,915 shares in the last quarter. Valliance Asset Management Ltd purchased a new position in Flex during the second quarter valued at approximately $2,654,000. Finally, Capstone Investment Advisors LLC bought a new position in Flex in the first quarter worth approximately $783,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

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.