Flex (NASDAQ:FLEX) Hits New 1-Year High – Here’s Why

Flex Ltd. (NASDAQ:FLEX) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.45 and last traded at $41.97, with a volume of 1463578 shares traded. The stock had previously closed at $40.49.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays raised 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. Craig Hallum boosted their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus increased their target price on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Finally, KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Flex has a consensus rating of “Buy” and an average price target of $42.67.

Flex Trading Down 0.3 %

The firm has a market cap of $15.92 billion, a P/E ratio of 18.17, a P/E/G ratio of 2.44 and a beta of 1.10. The stock has a 50 day simple moving average of $38.65 and a 200-day simple moving average of $34.04. The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64.

Insider Activity

In other news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. This represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles K. Stevens III sold 13,157 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, 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 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. acquired a new position in Flex during the third quarter worth $29,000. Huntington National Bank grew its stake in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in Flex during the 3rd quarter valued at about $39,000. Quarry LP acquired a new stake in shares of Flex during the 2nd quarter worth about $43,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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.