By otakuyassine3@gmail.com 
Flex Ltd. (NASDAQ:FLEX – Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $44.66 and last traded at $44.35, with a volume of 1842092 shares trading hands. The stock had previously closed at $42.72.
Analyst Ratings Changes
A number of research analysts have recently commented on the stock. KeyCorp assumed coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective for the company. Craig Hallum lifted their price target on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on Flex in a report on Thursday, October 17th. Barclays lifted their target price on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Stifel Nicolaus boosted their price target on Flex from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Flex currently has an average rating of “Buy” and an average target price of $42.67.
View Our Latest Report on FLEX
Flex Price Performance
The stock has a market capitalization of $17.17 billion, a P/E ratio of 19.59, a PEG ratio of 2.70 and a beta of 1.10. The company has a 50 day moving average of $39.27 and a 200-day moving average of $34.71. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64.
Insider Activity at Flex
In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated 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 $8,494,237.02. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 55,713 shares of the company’s stock, 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. Insiders own 0.82% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Flex during the third quarter worth $29,000. Huntington National Bank boosted its position in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in Flex in the third quarter valued at approximately $39,000. Quarry LP acquired a new position in Flex during the second quarter worth $43,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.
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.
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