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

Flex Ltd. (NASDAQ:FLEX) shares reached 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.

Analyst Ratings Changes

FLEX has been the subject of a number of research reports. Stifel Nicolaus raised their target price on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. Craig Hallum boosted their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Barclays increased their target price on Flex from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Buy” and a consensus target price of $42.67.

Flex Stock Performance

The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 18.22, a P/E/G ratio of 2.44 and a beta of 1.10. The stock has a fifty day simple moving average of $38.41 and a two-hundred day simple moving average of $33.92. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.85 and a current ratio of 1.43.

Insider Transactions at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $35.39, for a total transaction of $284,110.92. Following the completion of the transaction, the insider now owns 240,018 shares in the company, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.69, for a total value of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On Flex

A number of hedge funds and other institutional investors have recently modified their holdings of FLEX. Geode Capital Management LLC raised its holdings in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares during the period. Merewether Investment Management LP bought a new stake in shares of Flex in the second quarter valued at $72,808,000. Charles Schwab Investment Management Inc. grew its stake in shares of Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares during the period. Point72 Asset Management L.P. increased its holdings in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after acquiring an additional 792,700 shares during the last quarter. Finally, Simcoe Capital Management LLC purchased a new stake in Flex during the third quarter valued at about $22,075,000. Hedge funds and other 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.