Ancora Advisors LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,210 shares of the technology company's stock, valued at approximately $1,979,000.
A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank bought a new position in shares of Flex during the 4th quarter valued at about $319,756,000. Rithm Capital Corp. bought a new position in shares of Flex during the 1st quarter valued at about $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Flex during the fourth quarter valued at about $2,497,000. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock worth $10,469,000 after purchasing an additional 19,270 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.
Flex Price Performance
FLEX stock opened at $111.82 on Thursday. The stock has a market cap of $41.31 billion, a PE ratio of 43.17, a P/E/G ratio of 0.55 and a beta of 1.67. Flex Ltd. has a 12 month low of $51.76 and a 12 month high of $166.86. The company has a 50-day moving average price of $128.76 and a 200 day moving average price of $106.90. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95.
Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Equities research analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current year.
Insiders Place Their Bets
In other news, COO Kwang Hooi Tan sold 26,657 shares of the business's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the sale, the chief operating officer directly owned 257,527 shares of the company's stock, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,627 shares of the company's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider owned 253,199 shares in the company, valued at approximately $36,582,191.52. The trade was a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 459,938 shares of company stock worth $67,020,113. Insiders own 0.62% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on FLEX. Robert W. Baird set a $142.00 price objective on Flex in a report on Thursday, July 30th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. Freedom Capital raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Raymond James Financial set a $170.00 price objective on shares of Flex and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Finally, Zacks Research cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.20.
Check Out Our Latest Analysis on FLEX
About Flex
(
Free Report)
Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.
Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.
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