Flex Ltd. (NASDAQ:FLEX) Receives $115.70 Consensus Price Target from Brokerages

Flex Ltd. (NASDAQ:FLEX) has received an average rating of “Moderate Buy” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $115.70.

A number of brokerages have weighed in on FLEX. Stifel Nicolaus raised their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. 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, Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 10,540 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.02, for a total transaction of $1,560,130.80. Following the completion of the sale, the chief operating officer owned 235,602 shares of the company’s stock, valued at $34,873,808.04. This trade represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevin Krumm sold 3,378 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.01, for a total transaction of $499,977.78. Following the sale, the chief financial officer directly owned 151,280 shares of the company’s stock, valued at $22,390,952.80. This trade represents a 2.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 433,924 shares of company stock valued at $61,663,653 over the last ninety days. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. State Street Corp grew its position in Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after purchasing an additional 2,126,440 shares during the period. Geode Capital Management LLC grew its position in Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after purchasing an additional 181,266 shares during the period. Norges Bank bought a new stake in Flex in the 4th quarter worth approximately $319,756,000. Finally, Polar Capital Holdings Plc grew its position in Flex by 141.8% in the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the period. Institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ FLEX opened at $147.61 on Tuesday. Flex has a fifty-two week low of $45.31 and a fifty-two week high of $166.86. The company has a 50 day simple moving average of $123.64 and a two-hundred day simple moving average of $85.02. The company has a market capitalization of $54.08 billion, a price-to-earnings ratio of 63.35, a P/E/G ratio of 0.78 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

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

Flex Company Profile

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.