Flex (NASDAQ:FLEX) Trading Up 3.2%

Flex Ltd. (NASDAQ:FLEX)’s stock price was up 3.2% on Thursday . The stock traded as high as $32.50 and last traded at $32.37. Approximately 6,102,508 shares traded hands during trading, an increase of 26% from the average daily volume of 4,858,916 shares. The stock had previously closed at $31.37.

Analysts Set New Price Targets

Several equities analysts have weighed in on FLEX shares. JPMorgan Chase & Co. raised their price objective on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group raised their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Craig Hallum lowered Flex from a “buy” rating to a “hold” rating and decreased their target price for the company from $28.00 to $27.00 in a research report on Thursday, May 2nd. Barclays raised their target price on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.83.

Flex Trading Up 2.6 %

The firm has a fifty day moving average of $28.51 and a two-hundred day moving average of $27.23. The company has a market cap of $12.92 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.99 and a beta of 1.18. The company has a current ratio of 1.52, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. As a group, sell-side analysts predict that Flex Ltd. will post 2.06 EPS for the current year.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 43,381 shares of Flex stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the completion of the transaction, the insider now owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kwang Hooi Tan sold 8,027 shares of Flex stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total transaction of $231,257.87. Following the completion of the sale, the insider now owns 159,718 shares in the company, valued at approximately $4,601,475.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael P. Hartung sold 43,381 shares of Flex stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the sale, the insider now owns 154,810 shares of the company’s stock, valued at approximately $4,723,253.10. The disclosure for this sale can be found here. Insiders sold 320,451 shares of company stock valued at $9,259,452 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Flex

A number of large investors have recently modified their holdings of FLEX. Bank of New York Mellon Corp lifted its position in Flex by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock worth $12,499,000 after buying an additional 14,205 shares during the last quarter. Allworth Financial LP lifted its position in Flex by 345.1% in the 3rd quarter. Allworth Financial LP now owns 3,209 shares of the technology company’s stock worth $87,000 after buying an additional 2,488 shares during the last quarter. California Public Employees Retirement System lifted its position in Flex by 58.4% in the third quarter. California Public Employees Retirement System now owns 1,478,476 shares of the technology company’s stock valued at $39,889,000 after purchasing an additional 544,980 shares during the last quarter. Lincoln National Corp lifted its position in Flex by 93.3% in the third quarter. Lincoln National Corp now owns 15,348 shares of the technology company’s stock valued at $414,000 after purchasing an additional 7,406 shares during the last quarter. Finally, Wealthspire Advisors LLC lifted its position in Flex by 14.6% in the third quarter. Wealthspire Advisors LLC now owns 17,849 shares of the technology company’s stock valued at $482,000 after purchasing an additional 2,271 shares during the last quarter. 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.