Flex (NASDAQ:FLEX) Shares Gap Up – Still a Buy?

Flex Ltd. (NASDAQ:FLEX) gapped up prior to trading on Wednesday . The stock had previously closed at $37.40, but opened at $38.50. Flex shares last traded at $39.42, with a volume of 871,975 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FLEX shares. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a report on Thursday, October 17th. Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. KeyCorp initiated coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target for the company. Finally, Stifel Nicolaus raised their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $42.67.

Flex Price Performance

The firm has a market capitalization of $15.42 billion, a P/E ratio of 17.71, a PEG ratio of 2.43 and a beta of 1.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average is $37.23 and its 200-day moving average is $33.24.

Insider Activity

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the sale, the insider now owns 240,018 shares in the company, valued at approximately $8,494,237.02. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Institutional investors have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. lifted its holdings in shares of Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares during the period. Raymond James Trust N.A. lifted its position in shares of Flex by 1.8% in the 2nd quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock worth $599,000 after purchasing an additional 360 shares during the period. Stephens Inc. AR grew its holdings in Flex by 2.6% during the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock worth $472,000 after acquiring an additional 361 shares during the period. Huntington National Bank lifted its stake in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. Finally, Wahed Invest LLC grew its holdings in Flex by 7.4% in the third quarter. Wahed Invest LLC now owns 9,637 shares of the technology company’s stock worth $322,000 after purchasing an additional 667 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Company Profile

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.