Flex (NASDAQ:FLEX) Raised to Buy at StockNews.com

Flex (NASDAQ:FLEX) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other equities research analysts also recently commented on the stock. Barclays increased their price objective on shares of Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. KeyCorp started coverage on Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Finally, Stifel Nicolaus upped their price target on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Six 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 MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $42.67.

Flex Stock Up 1.0 %

Shares of FLEX stock traded up $0.42 during trading hours on Friday, reaching $44.27. 2,486,100 shares of the stock were exchanged, compared to its average volume of 2,963,727. The business’s fifty day moving average is $39.79 and its two-hundred day moving average is $35.04. The firm has a market capitalization of $17.17 billion, a P/E ratio of 19.59, a P/E/G ratio of 2.81 and a beta of 1.10. Flex has a 12-month low of $22.57 and a 12-month high of $45.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85.

Insider Buying and Selling

In other news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the sale, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of Flex

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after purchasing an additional 2,170,262 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after buying an additional 792,700 shares in the last quarter. Simcoe Capital Management LLC acquired a new stake in Flex during the 3rd quarter valued at $22,075,000. Finally, State Street Corp increased its position in Flex by 19.7% during the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after buying an additional 603,208 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other 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.