Flex Ltd. (NASDAQ:FLEX – Get Free Report) has earned an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $126.33.
FLEX has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen raised Flex from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Finally, JPMorgan Chase & Co. cut their target price on Flex from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th.
View Our Latest Report on FLEX
Insider Activity
In related news, insider Michael P. Hartung sold 2,755 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider directly owned 243,175 shares in the company, valued at $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. lifted its holdings in Flex by 59.1% in the third quarter. Oppenheimer & Co. Inc. now owns 3,404 shares of the technology company’s stock valued at $374,000 after buying an additional 1,265 shares during the period. Deltec Asset Management LLC boosted its position in Flex by 40.3% during the third quarter. Deltec Asset Management LLC now owns 139,284 shares of the technology company’s stock valued at $15,320,000 after acquiring an additional 40,003 shares during the last quarter. Signaturefd LLC boosted its position in Flex by 1.8% during the third quarter. Signaturefd LLC now owns 11,334 shares of the technology company’s stock valued at $1,247,000 after acquiring an additional 197 shares during the last quarter. BG Investment Services LLC acquired a new stake in Flex during the 3rd quarter worth about $14,692,000. Finally, Citizens Financial Group Inc. RI grew its holdings in Flex by 285.1% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 12,954 shares of the technology company’s stock worth $1,425,000 after acquiring an additional 9,590 shares during the period. Institutional investors own 94.30% of the company’s stock.
Flex Stock Up 0.6%
Shares of FLEX opened at $76.99 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. Flex has a 52 week low of $53.07 and a 52 week high of $166.86. The stock has a market capitalization of $28.44 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 0.39 and a beta of 1.67. The stock has a fifty day moving average of $108.05 and a 200-day moving average of $102.29.
Flex (NASDAQ:FLEX – Get Free Report) last posted its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The firm had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. As a group, sell-side analysts anticipate that Flex will post 4.27 earnings per share for the current fiscal year.
About Flex
Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.
Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.
The company was founded in 1969 as Flextronics and later adopted the name Flex.
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