Flex (NASDAQ:FLEX) Trading 8.4% Higher – Should You Buy?

Flex Ltd. (NASDAQ:FLEX)’s stock price shot up 8.4% on Thursday . The stock traded as high as $144.11 and last traded at $144.5190. Approximately 1,447,196 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 5,238,475 shares. The stock had previously closed at $133.37.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of analyst reports. KeyCorp boosted 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. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Robert W. Baird set a $165.00 price objective on Flex in a report on Thursday, May 7th. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, The Goldman Sachs Group raised their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Flex Stock Performance

The company has a fifty day moving average price of $142.50 and a two-hundred day moving average price of $93.60. The firm has a market cap of $49.75 billion, a price-to-earnings ratio of 58.28, a price-to-earnings-growth ratio of 0.74 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87.

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

Insiders Place Their Bets

In related news, COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the completion of the sale, the chief operating officer directly owned 248,546 shares of the company’s stock, valued at $36,086,393.74. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. This trade represents a 6.81% 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. Over the last three months, insiders sold 769,195 shares of company stock worth $110,116,823. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. USA Financial Formulas acquired a new stake in Flex during the 4th quarter worth about $28,000. Frazier Financial Advisors LLC purchased a new stake in shares of Flex in the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust lifted its position in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares in the last quarter. Gables Capital Management Inc. acquired a new stake in shares of Flex during the fourth quarter worth approximately $42,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after purchasing an additional 695 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.