Flex (NASDAQ:FLEX) Reaches New 12-Month High – Time to Buy?

Flex Ltd. (NASDAQ:FLEX)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $38.43 and last traded at $38.42, with a volume of 53789 shares changing hands. The stock had previously closed at $36.39.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group set a $39.00 price objective on Flex in a report on Thursday, October 17th. KeyCorp initiated coverage on Flex in a report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price for the company. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Finally, Stifel Nicolaus increased their price objective on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Six 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 an average target price of $40.83.

Flex Stock Performance

The business has a fifty day moving average of $33.24 and a 200-day moving average of $31.46. The company has a market cap of $15.51 billion, a PE ratio of 17.70, a P/E/G ratio of 2.08 and a beta of 1.08. 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 related news, insider Kwang Hooi Tan sold 8,028 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the completion of the sale, the insider now owns 240,018 shares of the company’s stock, valued at $8,494,237.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the company’s 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 completion of the transaction, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the sale, the executive vice president now directly owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,028 shares of company stock valued at $933,511. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pathstone Holdings LLC grew its stake in Flex by 5.5% in the third quarter. Pathstone Holdings LLC now owns 60,375 shares of the technology company’s stock worth $2,018,000 after purchasing an additional 3,121 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Flex by 38.7% during the 3rd quarter. Natixis Advisors LLC now owns 35,442 shares of the technology company’s stock valued at $1,185,000 after buying an additional 9,892 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Flex by 5.5% in the 3rd quarter. CIBC Asset Management Inc now owns 15,132 shares of the technology company’s stock worth $506,000 after buying an additional 786 shares during the period. Huntington National Bank increased its stake in shares of Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after acquiring an additional 479 shares in the last quarter. Finally, KBC Group NV boosted its stake in Flex by 10.3% during the third quarter. KBC Group NV now owns 10,706 shares of the technology company’s stock worth $358,000 after acquiring an additional 1,003 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

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.