Ethic Inc. Buys New Stake in Flex Ltd. (NASDAQ:FLEX)

Ethic Inc. bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 21,121 shares of the technology company's stock, valued at approximately $811,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Flex during the 4th quarter worth approximately $35,000. R Squared Ltd purchased a new stake in shares of Flex during the 4th quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Flex by 112.9% during 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 period. SBI Securities Co. Ltd. purchased a new stake in shares of Flex during the 4th quarter valued at approximately $38,000. Finally, Huntington National Bank raised its position in shares of Flex by 46.7% during 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 period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group reduced their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. reduced their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, KeyCorp boosted their target price on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Flex has an average rating of "Moderate Buy" and a consensus target price of $45.33.

Flex Trading Up 0.2%

NASDAQ FLEX traded up $0.07 on Friday, reaching $42.02. The stock had a trading volume of 2,712,274 shares, compared to its average volume of 3,956,319. The firm has a market capitalization 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 quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The stock has a fifty day moving average price of $34.29 and a two-hundred day moving average price of $37.72.

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

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 164,700 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the sale, the chief executive officer now owns 1,319,823 shares of the company's stock, valued at approximately $55,419,367.77. This represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now directly owns 71,001 shares in the company, valued at $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 489,255 shares of company stock valued at $19,589,788. 0.82% of the stock is currently owned by company insiders.

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.