Flex (NASDAQ:FLEX) Hits New 52-Week High – What’s Next?

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLEX shares. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Wednesday. KeyCorp started coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 target price on the stock. Craig Hallum boosted their price target on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus upped their price target on Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group set a $39.00 target price on Flex in a research note on Thursday, October 17th. One 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $42.67.

Flex Price Performance

The company’s 50 day simple moving average is $38.65 and its two-hundred day simple moving average is $34.04. 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 stock has a market capitalization of $15.92 billion, a P/E ratio of 18.17, a PEG ratio of 2.44 and a beta of 1.10.

Insider Buying and Selling at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of the 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 sale, the insider now directly owns 240,018 shares in the company, valued at approximately $8,494,237.02. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of Flex stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total value 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.

Hedge Funds Weigh In On Flex

Several institutional investors have recently modified their holdings of the business. Creative Planning boosted its stake in shares of Flex by 0.6% during the 3rd quarter. Creative Planning now owns 141,371 shares of the technology company’s stock worth $4,726,000 after buying an additional 839 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Flex by 254.9% in the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after buying an additional 36,465 shares in the last quarter. Algert Global LLC raised its stake in Flex by 14.6% in the 2nd quarter. Algert Global LLC now owns 250,455 shares of the technology company’s stock worth $7,386,000 after purchasing an additional 31,876 shares in the last quarter. Gateway Investment Advisers LLC boosted its stake in shares of Flex by 153.6% in the third quarter. Gateway Investment Advisers LLC now owns 111,399 shares of the technology company’s stock valued at $3,724,000 after buying an additional 67,468 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Flex by 113.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after purchasing an additional 257,975 shares during the period. 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.