Flex (NASDAQ:FLEX) Hits New 52-Week High – Here’s What Happened

Flex Ltd. (NASDAQ:FLEX) shares reached a new 52-week high during trading on Thursday . The company traded as high as $147.76 and last traded at $146.7260, with a volume of 2170281 shares trading hands. The stock had previously closed at $145.79.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Raymond James Financial set a $80.00 target price on Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Barclays upped their target price on Flex from $72.00 to $174.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. increased their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. The Goldman Sachs Group increased their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $112.80.

Flex Stock Performance

The business has a fifty day simple moving average of $95.25 and a two-hundred day simple moving average of $74.31. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The company has a market cap of $53.35 billion, a PE ratio of 62.43, a price-to-earnings-growth ratio of 0.75 and a beta of 1.46.

Flex (NASDAQ:FLEX) last posted its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Research analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current year.

Insider Activity

In other news, CEO Revathi Advaithi sold 83,500 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $132.87, for a total transaction of $11,094,645.00. Following the completion of the sale, the chief executive officer owned 605,522 shares in the company, valued at approximately $80,455,708.14. This represents a 12.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 17,500 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $135.93, for a total value of $2,378,775.00. Following the sale, the chief operating officer owned 238,543 shares of the company’s stock, valued at approximately $32,425,149.99. This represents a 6.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 329,512 shares of company stock worth $44,459,298. Company insiders own 0.57% of the company’s stock.

Institutional Trading of Flex

Hedge funds and other institutional investors have recently made changes to their positions in the business. USA Financial Formulas purchased a new position in Flex in the 4th quarter worth $28,000. Frazier Financial Advisors LLC purchased a new position in Flex in the 4th quarter worth $28,000. Parkside Financial Bank & Trust raised its stake in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares during the last quarter. CENTRAL TRUST Co raised its stake in Flex by 238.3% in the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after acquiring an additional 355 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new position in Flex in the 4th quarter worth $42,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

About Flex

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.