Allianz Asset Management GmbH Purchases 46,763 Shares of Flex Ltd. (NASDAQ:FLEX)

Allianz Asset Management GmbH increased its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,268,639 shares of the technology company's stock after buying an additional 46,763 shares during the quarter. Allianz Asset Management GmbH owned about 0.59% of Flex worth $75,059,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Lindbrook Capital LLC lifted its position in Flex by 63.9% in the first quarter. Lindbrook Capital LLC now owns 5,938 shares of the technology company's stock valued at $196,000 after purchasing an additional 2,314 shares during the period. IFP Advisors Inc lifted its position in Flex by 8.2% in the first quarter. IFP Advisors Inc now owns 7,403 shares of the technology company's stock valued at $245,000 after purchasing an additional 563 shares during the period. South Dakota Investment Council acquired a new stake in shares of Flex during the 1st quarter valued at approximately $364,000. Archer Investment Corp acquired a new stake in shares of Flex during the 1st quarter valued at approximately $93,000. Finally, Dynasty Wealth Management LLC lifted its position in shares of Flex by 0.7% during the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock valued at $1,232,000 after acquiring an additional 276 shares during the period. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Price Performance

Shares of Flex stock traded up $0.23 on Friday, hitting $49.90. The company had a trading volume of 1,220,769 shares, compared to its average volume of 4,128,624. The business has a 50-day simple moving average of $46.90 and a 200-day simple moving average of $40.58. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. The company has a market cap of $18.65 billion, a PE ratio of 23.50, a PEG ratio of 1.98 and a beta of 1.07. Flex Ltd. has a 52 week low of $25.11 and a 52 week 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 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. Flex had a net margin of 3.25% and a return on equity of 19.01%. The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same period in the prior year, the business earned $0.51 earnings per share. The business's quarterly revenue was up 4.1% on a year-over-year basis. Research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 35,393 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the completion of the sale, the insider owned 293,195 shares in the company, valued at approximately $12,569,269.65. This represents a 10.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Kwang Hooi Tan sold 37,533 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the completion of the transaction, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. The trade was a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,135,941 shares of company stock worth $47,582,965. 0.57% of the stock is owned by company insiders.

Analyst Ratings Changes

FLEX has been the subject of several research reports. Barclays lifted their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. Bank of America lifted their price objective on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Stifel Nicolaus lifted their price objective on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research note on Friday, July 11th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average 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.