Flex (NASDAQ:FLEX) Hits New 12-Month High – Here’s Why

Flex Ltd. (NASDAQ:FLEX)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.66 and last traded at $44.35, with a volume of 1842092 shares changing hands. The stock had previously closed at $42.72.

Wall Street Analyst Weigh In

FLEX has been the subject of a number of research analyst reports. KeyCorp initiated coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. The Goldman Sachs Group set a $39.00 target price on Flex in a report on Thursday, October 17th. Barclays upped their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Craig Hallum boosted their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus increased their price target on shares of Flex from $40.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flex currently has an average rating of “Buy” and a consensus price target of $42.67.

Flex Stock Up 3.6 %

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. The business has a 50 day moving average of $39.27 and a 200 day moving average of $34.71. The firm has a market capitalization of $17.17 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 2.70 and a beta of 1.10.

Insider Activity

In related news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction 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 sale, the director now owns 55,713 shares of the company’s stock, valued at $2,155,535.97. The trade was a 19.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, October 28th. The shares were sold at an average price of $35.39, for a total value of $284,110.92. Following the transaction, the insider now directly owns 240,018 shares of the company’s stock, valued at approximately $8,494,237.02. The trade was 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 Trading of Flex

Large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its holdings in shares of Flex by 305.6% during the fourth quarter. Fifth Third Bancorp now owns 2,231 shares of the technology company’s stock worth $86,000 after purchasing an additional 1,681 shares during the last quarter. Brighton Jones LLC acquired a new stake in Flex in the 4th quarter valued at about $260,000. Veracity Capital LLC raised its stake in shares of Flex by 10.8% in the fourth quarter. Veracity Capital LLC now owns 16,870 shares of the technology company’s stock worth $648,000 after acquiring an additional 1,644 shares during the last quarter. Whalen Wealth Management Inc. acquired a new position in shares of Flex during the fourth quarter worth approximately $256,000. Finally, Atomi Financial Group Inc. grew its stake in shares of Flex by 6.4% during the fourth quarter. Atomi Financial Group Inc. now owns 10,413 shares of the technology company’s stock valued at $400,000 after purchasing an additional 630 shares during the last quarter. 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.