Flex (NASDAQ:FLEX) Shares Gap Up – Should You Buy?

Flex Ltd. (NASDAQ:FLEX) gapped up prior to trading on Wednesday . The stock had previously closed at $37.40, but opened at $38.50. Flex shares last traded at $39.42, with a volume of 871,975 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FLEX shares. 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. KeyCorp started 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. The Goldman Sachs Group set a $39.00 target price on shares of Flex in a research report on Thursday, October 17th. Barclays increased their price target on Flex from $39.00 to $43.00 and gave the stock an “overweight” rating in a research 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 report on Tuesday, December 10th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $42.67.

Flex Stock Performance

The company has a current ratio of 1.43, a quick ratio of 0.85 and a debt-to-equity ratio of 0.64. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of 16.66, a P/E/G ratio of 2.43 and a beta of 1.10. The firm’s 50-day moving average is $37.38 and its two-hundred day moving average is $33.31.

Insider Buying and Selling at Flex

In other news, Director Charles K. Stevens III sold 13,157 shares of the company’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 completion of the sale, the director now directly owns 55,713 shares in the company, valued at $2,155,535.97. This represents a 19.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $35.39, for a total value of $284,110.92. Following the transaction, 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 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 modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in Flex during the third quarter worth about $29,000. Huntington National Bank grew its position in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Flex during the third quarter worth about $39,000. Quarry LP purchased a new position in shares of Flex in the second quarter valued at approximately $43,000. Finally, American Capital Advisory LLC acquired a new stake in Flex during the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

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.