Flex (NASDAQ:FLEX) Shares Up 7.2% – Still a Buy?

Flex Ltd. (NASDAQ:FLEX)’s share price was up 7.2% during trading on Friday . The company traded as high as $115.64 and last traded at $115.8180. Approximately 284,229 shares changed hands during trading, a decline of 94% from the average session volume of 4,870,457 shares. The stock had previously closed at $108.01.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. The Goldman Sachs Group cut their price target on shares of Flex from $177.00 to $154.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Barclays dropped their target price on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Robert W. Baird set a $142.00 target price on Flex in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Flex Trading Up 7.3%

The business has a 50-day moving average of $119.49 and a 200 day moving average of $110.41. The stock has a market cap of $42.81 billion, a PE ratio of 44.76, a PEG ratio of 0.57 and a beta of 1.67. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Equities research analysts predict that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 39,188 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the transaction, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This trade represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Offer sold 6,657 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the sale, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 426,938 shares of company stock valued at $61,941,083 over the last quarter. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Flex

A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new position in Flex in the fourth quarter valued at about $260,000. Goldman Sachs Group Inc. raised its position in shares of Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after purchasing an additional 211,046 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Flex during the 1st quarter valued at approximately $397,000. EverSource Wealth Advisors LLC grew its position in shares of Flex by 63.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after acquiring an additional 29,821 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

About Flex

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.