Ameriprise Financial Inc. Purchases 374,247 Shares of Flex Ltd. (NASDAQ:FLEX)

Ameriprise Financial Inc. lifted its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 78.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 853,179 shares of the technology company's stock after purchasing an additional 374,247 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.22% of Flex worth $32,754,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. R Squared Ltd acquired a new position in Flex in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex in the 4th quarter valued at $35,000. SBI Securities Co. Ltd. acquired a new position in Flex in the 4th quarter valued at $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after buying an additional 509 shares during the last quarter. Finally, Huntington National Bank grew its stake in Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after buying an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Buying and Selling at Flex

In other news, CEO Revathi Advaithi sold 164,700 shares of Flex stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the completion of the sale, the chief executive officer now owns 1,319,823 shares in the company, valued at $55,419,367.77. The trade was a 11.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Daniel Wendler sold 4,502 shares of Flex stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the sale, the chief accounting officer now owns 38,676 shares of the company's stock, valued at approximately $1,624,005.24. This represents a 10.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 489,255 shares of company stock worth $19,589,788. 0.82% of the stock is currently owned by corporate insiders.

Flex Price Performance

FLEX stock traded up $0.07 during trading on Friday, hitting $42.02. 2,712,274 shares of the stock traded hands, compared to its average volume of 3,956,319. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.43 and a beta of 0.96. The company has a 50 day simple moving average of $34.29 and a 200 day simple moving average of $37.72. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm's quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. Equities analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FLEX shares. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target for the company. KeyCorp increased their price target on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, May 9th. StockNews.com downgraded shares of Flex from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Finally, Barclays raised their price objective on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Flex has a consensus rating of "Moderate Buy" and a consensus target price of $45.33.

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.