Flex (NASDAQ:FLEX) Hits New 12-Month High – Time to Buy?

Flex Ltd. (NASDAQ:FLEX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $68.00 and last traded at $68.5380, with a volume of 1280490 shares traded. The stock had previously closed at $62.41.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. The Goldman Sachs Group upped their price target on shares of Flex from $66.00 to $73.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Bank of America upped their target price on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Barclays lifted their target price on Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Argus set a $85.00 price target on Flex in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $65.75.

Flex Price Performance

The business has a 50-day moving average price of $60.35 and a two-hundred day moving average price of $53.89. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $24.95 billion, a price-to-earnings ratio of 29.85, a price-to-earnings-growth ratio of 1.66 and a beta of 1.26.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $56.66, for a total value of $566,600.00. Following the sale, the chief accounting officer owned 37,619 shares in the company, valued at $2,131,492.54. This represents a 21.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William D. Watkins sold 20,000 shares of Flex stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $54.52, for a total value of $1,090,400.00. Following the transaction, the director owned 98,073 shares of the company’s stock, valued at $5,346,939.96. This trade represents a 16.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 152,500 shares of company stock valued at $9,011,950 over the last quarter. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flex

Several large investors have recently bought and sold shares of FLEX. Brighton Jones LLC bought a new stake in shares of Flex in the 4th quarter worth $260,000. PNC Financial Services Group Inc. grew its position in Flex by 40.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 28,532 shares of the technology company’s stock worth $944,000 after purchasing an additional 8,162 shares in the last quarter. Deutsche Bank AG increased its stake in Flex by 1.4% in the 1st quarter. Deutsche Bank AG now owns 55,177 shares of the technology company’s stock valued at $1,825,000 after buying an additional 774 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Flex by 17.1% during the 1st quarter. National Bank of Canada FI now owns 354,323 shares of the technology company’s stock worth $11,718,000 after buying an additional 51,784 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new position in shares of Flex in the 1st quarter worth approximately $1,865,000. 94.30% of the stock is currently 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.