DekaBank Deutsche Girozentrale Purchases 46,604 Shares of Flex Ltd. (NASDAQ:FLEX)

DekaBank Deutsche Girozentrale lifted its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,114,256 shares of the technology company's stock after buying an additional 46,604 shares during the period. DekaBank Deutsche Girozentrale owned about 0.29% of Flex worth $36,333,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of FLEX. Olde Wealth Management LLC acquired a new position in Flex during the 1st quarter worth about $26,000. CX Institutional acquired a new position in shares of Flex during the first quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex during the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Flex in the fourth quarter valued at approximately $38,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position 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 worth $38,000 after purchasing an additional 509 shares during the last quarter. Institutional investors own 94.30% of the company's stock.

Insider Buying and Selling at Flex

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on FLEX shares. KeyCorp increased their price objective on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Bank of America raised their price target on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Finally, Barclays increased their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $49.43.

Flex Stock Up 0.5%

Shares of NASDAQ:FLEX traded up $0.26 during trading on Friday, hitting $52.19. 2,898,766 shares of the company's stock traded hands, compared to its average volume of 4,049,065. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $52.54. The company has a 50-day moving average price of $44.58 and a 200-day moving average price of $39.77. The company has a market cap of $19.50 billion, a price-to-earnings ratio of 24.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm's revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. As a group, research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.