Flex Target of Unusually Large Options Trading (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the target of some unusual options trading on Wednesday. Stock investors acquired 3,929 call options on the company. This represents an increase of 123% compared to the average daily volume of 1,760 call options.

Analyst Ratings Changes

A number of research analysts recently commented on FLEX shares. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. Stifel Nicolaus increased their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research report on Thursday, October 17th. Barclays lifted their price target on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Craig Hallum increased their price objective on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $42.67.

Insider Activity

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the transaction, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. This trade represents a 19.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On Flex

Several large investors have recently modified their holdings of FLEX. Geode Capital Management LLC boosted its position in shares of Flex by 619.3% in the third 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 during the period. Charles Schwab Investment Management Inc. grew its stake in 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 valued at $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Simcoe Capital Management LLC acquired a new position in shares of Flex in the 3rd quarter valued at about $22,075,000. State Street Corp lifted its position in shares of Flex by 19.7% in the third quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after purchasing an additional 603,208 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Flex by 2,600.1% during the third quarter. BNP Paribas Financial Markets now owns 493,659 shares of the technology company’s stock worth $16,503,000 after purchasing an additional 475,376 shares during the period. 94.30% of the stock is owned by institutional investors.

Flex Price Performance

FLEX traded up $0.51 during trading on Wednesday, reaching $41.10. The stock had a trading volume of 2,324,973 shares, compared to its average volume of 3,421,081. Flex has a 1-year low of $23.43 and a 1-year high of $45.10. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 2.81 and a beta of 1.10. The stock has a 50 day moving average of $39.89 and a two-hundred day moving average of $35.25. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 16.66% and a net margin of 3.62%. As a group, equities analysts anticipate that Flex will post 2.15 EPS for the current fiscal year.

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.