Brokerages Set Flex Ltd. (NASDAQ:FLEX) Price Target at $114.20

by · The Cerbat Gem

Shares of Flex Ltd. (NASDAQ:FLEX – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $114.20.

A number of brokerages have issued reports on FLEX. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Barclays reduced their price objective on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. KeyCorp raised their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th.

Get Our Latest Report on FLEX

Flex Price Performance

Shares of NASDAQ:FLEX opened at $124.53 on Thursday. The firm’s 50 day moving average is $135.32 and its two-hundred day moving average is $103.20. The firm has a market capitalization of $46.00 billion, a P/E ratio of 48.08, a PEG ratio of 0.62 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex has a 52 week low of $47.83 and a 52 week high of $166.86.

Flex (NASDAQ:FLEX – Get Free Report) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The business had revenue of $7.93 billion during the quarter. Analysts anticipate that Flex will post 4.27 earnings per share for the current year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 197,879 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares of the company’s stock, valued at $89,978,613.12. The trade was a 24.09% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This trade represents a 30.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 560,183 shares of company stock worth $80,426,190 over the last ninety days. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FLEX. Parkside Financial Bank & Trust lifted its holdings in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after acquiring an additional 166 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Flex in the 4th quarter worth approximately $28,000. Gables Capital Management Inc. bought a new stake in shares of Flex in the 4th quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after purchasing an additional 695 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its holdings in Flex by 58.1% during the fourth quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock worth $48,000 after buying an additional 293 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

About Flex

(Get Free Report)

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.

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