Fidelity Management & Research Co recently announced the acquisition of new stake in Flex Ltd (NASDAQ:FLEX). The institutional investor has increased its shareholding in the Technology company by 0.65% to 41.72 million shares with purchase of 0.27 million shares. This fresh investment now brings its stake to 9.63% valued currently at $1.06 billion. In addition, Janus Henderson Investors US LLC raised its holdings by 41021.0 to 25.72 million shares.
With over 3.9 million Flex Ltd (FLEX) shares trading Tuesday and a closing price of $23.76 on the day, the dollar volume was approximately $92.76 million. The shares have shown a positive half year performance of 17.24% and its price on 01/09/24 gained nearly 0.08%. Currently, there are 450.12M common shares owned by the public and among those 423.82M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for FLEX have a consensus price objective of $24.59. The analysts have set the share’s price value over the next 12 months at a high of $25.46 and a low of $23.28. The average price target is 3.38% above its recent price level and a downside to the estimated low will see the stock lose -2.06% over that period. But an upside of 6.68% will see the stock hit the forecast high price target while median target price for the stock is $24.73.
Insiders at the company have transacted a total of 78 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 1,765,514 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 1,315,663 shares.
The top 3 mutual fund holders in Flex Ltd are Janus Henderson Enterprise Fund, Vanguard Capital Opportunity Fund, and Fidelity Advisor Series I -Growth. Janus Henderson Enterprise Fund owns 17.18 million shares of the company’s stock, all valued at over $437.11 million. The company sold 58214.0 shares recently to bring their total holdings to about 3.96% of the shares outstanding. Vanguard Capital Opportunity Fund bought 1000.0 shares to see its total holdings expand to 15.01 million shares valued at over $381.98 million and representing 3.46% of the shares outstanding. Fidelity Advisor Series I -Growth sold -0.35 million shares to bring its total holdings to over 11.63 million shares at a value of $295.88 million. Fidelity Advisor Series I -Growth now owns shares totaling to 2.68% of the shares outstanding.
Shares of Flex Ltd (NASDAQ: FLEX) opened at $23.35, down -$0.39 from a prior closing price of $23.74. However, the script later moved the day high at 23.76, up 0.08%. The company’s stock has a 5-day price change of 7.80% and 22.80% over the past three months. FLEX shares are trading 7.24% year to date (YTD), with the 12-month market performance up to 46.67% higher. It has a 12-month low price of $14.14 and touched a high of $23.98 over the same period. FLEX has an average intraday trading volume of 6.29 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.40%, 19.22%, and 26.94% respectively.
Institutional ownership of Flex Ltd (NASDAQ: FLEX) shares accounts for 98.41% of the company’s 450.12M shares outstanding. Mutual fund holders own 40.26%, while other institutional holders and individual stakeholders account for 56.92% and 16.02% respectively.
It has a market capitalization of $10.15B and a beta (3y monthly) value of 1.17. The stock’s trailing 12-month PE ratio is 13.75, while the earnings-per-share (ttm) stands at $1.73. The company has a PEG of 0.88 and a Quick Ratio of 0.82 with the debt-to-equity ratio at 0.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.40% over the week and 2.80% over the month.
Analysts forecast that Flex Ltd (FLEX) will achieve an EPS of $0.61 for the current quarter, $0.71 for the next quarter and $2.95 for 2025. The lowest estimate earnings-per-share for the quarter is $0.6 while analysts give the company a high EPS estimate of $0.64. Comparatively, EPS for the current quarter was $0.62 a year ago. Earnings per share for the fiscal year are expected to increase by 8.33%, and 15.25% over the next financial year. EPS should shrink at an annualized rate of 15.60% over the next five years, compared to 16.61% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Flex Ltd (FLEX) as a “Strong Buy” at a consensus score of 1.45. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FLEX, a number of firms have released research notes about the stock. Barclays stated their Overweight rating for the stock in a research note on September 07, 2023, with the firm’s price target at $35.
