Flex (NASDAQ:FLEX) Hits New 52-Week High at $30.85

Shares of Flex Ltd. (NASDAQ:FLEXGet Free Report) reached a new 52-week high on Wednesday . The company traded as high as $30.85 and last traded at $30.75, with a volume of 903516 shares. The stock had previously closed at $30.05.

Wall Street Analyst Weigh In

FLEX has been the subject of several recent analyst reports. StockNews.com began coverage on shares of Flex in a research report on Wednesday. They issued a “hold” rating for the company. The Goldman Sachs Group boosted their price target on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday.

Get Our Latest Stock Analysis on Flex

Flex Stock Performance

The company’s 50-day simple moving average is $25.91 and its 200-day simple moving average is $26.29. The stock has a market cap of $12.85 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 1.90 and a beta of 1.20. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEXGet Free Report) last announced its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. Analysts predict that Flex Ltd. will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP David Scott Offer sold 75,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the completion of the transaction, the insider now owns 161,913 shares in the company, valued at approximately $4,531,944.87. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FLEX. FMR LLC raised its position in Flex by 0.6% during the third quarter. FMR LLC now owns 44,662,657 shares of the technology company’s stock valued at $1,204,998,000 after acquiring an additional 247,024 shares in the last quarter. BlackRock Inc. boosted its holdings in Flex by 5.9% in the first quarter. BlackRock Inc. now owns 16,377,282 shares of the technology company’s stock worth $376,841,000 after purchasing an additional 916,299 shares in the last quarter. Invesco Ltd. raised its holdings in Flex by 119.3% during the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after buying an additional 5,741,044 shares in the last quarter. Boston Partners lifted its position in shares of Flex by 7.5% in the fourth quarter. Boston Partners now owns 8,967,046 shares of the technology company’s stock worth $272,891,000 after buying an additional 624,414 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Flex by 0.9% in the first quarter. Bank of America Corp DE now owns 8,742,594 shares of the technology company’s stock worth $201,167,000 after buying an additional 73,829 shares during the last quarter. 95.26% of the stock is owned by institutional investors and hedge funds.

Flex Company Profile

(Get Free Report)

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.

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