36,414 Shares in Flex Ltd. (NASDAQ:FLEX) Purchased by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board purchased 36,414 shares of Flex Ltd. valued at approximately $1.2 million, marking a significant investment in the company.
• Insider transactions include sales by Michael P. Hartung and CEO Revathi Advaithi, leading to a decrease in their ownership of the stock by 10.77% and 11.01%, respectively.
• Flex recently reported earnings of $0.72 per share for the quarter, surpassing analyst expectations, and experienced a 4.1% increase in revenue compared to the same quarter last year.

Ontario Teachers Pension Plan Board purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 36,414 shares of the technology company's stock, valued at approximately $1,205,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC acquired a new stake in Flex during the 4th quarter worth $260,000. Russell Investments Group Ltd. raised its stake in Flex by 78.8% during the 4th quarter. Russell Investments Group Ltd. now owns 80,157 shares of the technology company's stock worth $3,078,000 after buying an additional 35,338 shares during the period. Federated Hermes Inc. raised its stake in Flex by 20.7% during the 4th quarter. Federated Hermes Inc. now owns 227,844 shares of the technology company's stock worth $8,747,000 after buying an additional 39,026 shares during the period. Invesco Ltd. raised its stake in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after buying an additional 1,620,812 shares during the period. Finally, Legal & General Group Plc raised its stake in Flex by 3.0% during the 4th quarter. Legal & General Group Plc now owns 3,016,245 shares of the technology company's stock worth $115,794,000 after buying an additional 87,776 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the insider owned 303,718 shares of the company's stock, valued at approximately $13,670,347.18. The trade was a 2.22% 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, CAO Daniel Wendler sold 1,245 shares of Flex stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $56,037.45. Following the completion of the sale, the chief accounting officer directly owned 47,619 shares in the company, valued at approximately $2,143,331.19. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 673,186 shares of company stock valued at $29,208,462 in the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Flex Stock Up 3.3%

Shares of FLEX traded up $1.68 during midday trading on Tuesday, hitting $51.84. The stock had a trading volume of 2,196,794 shares, compared to its average volume of 4,125,667. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The company has a 50 day simple moving average of $48.93 and a two-hundred day simple moving average of $41.25. The firm has a market cap of $19.46 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.09. The business had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. Flex's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 earnings per share. On average, analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on FLEX shares. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research note on Friday, July 11th. Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. lifted their price target on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Bank of America lifted their price target on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, KeyCorp lifted their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Flex presently has an average rating of "Buy" and a consensus price target of $53.71.

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.