Traders Buy High Volume of Flex Call Options (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 3,929 call options on the stock. This represents an increase of 123% compared to the average daily volume of 1,760 call options.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FLEX shares. Craig Hallum upped their price objective on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus raised their price objective on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 price target on the stock. Finally, The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a report on Thursday, October 17th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $43.67.

Insider Buying and Selling at Flex

In other Flex news, Director Charles K. Stevens III sold 13,157 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the transaction, the director now directly owns 55,713 shares in the company, valued at approximately $2,155,535.97. This represents a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flex

Hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund grew its position in Flex by 11.6% in the fourth quarter. New York State Common Retirement Fund now owns 1,501,307 shares of the technology company’s stock valued at $57,635,000 after acquiring an additional 155,703 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in Flex during the 4th quarter valued at $452,000. D.A. Davidson & CO. increased its stake in Flex by 14.4% during the 4th quarter. D.A. Davidson & CO. now owns 15,729 shares of the technology company’s stock worth $604,000 after buying an additional 1,980 shares during the period. Truist Financial Corp boosted its position in Flex by 5.3% in the 4th quarter. Truist Financial Corp now owns 93,269 shares of the technology company’s stock valued at $3,581,000 after buying an additional 4,708 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Flex by 12.0% during the fourth quarter. CIBC Asset Management Inc now owns 16,946 shares of the technology company’s stock valued at $651,000 after acquiring an additional 1,814 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Trading Down 1.0 %

FLEX traded down $0.43 on Friday, reaching $41.65. 3,989,502 shares of the company’s stock were exchanged, compared to its average volume of 3,714,105. The company has a market cap of $16.15 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 2.61 and a beta of 1.10. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43. Flex has a twelve month low of $23.64 and a twelve month high of $45.10. The company’s 50 day moving average is $39.95 and its 200-day moving average is $35.35.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. Equities analysts predict that Flex will post 2.16 earnings per share for the current year.

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.