DNB Asset Management AS Purchases 35,770 Shares of Flex Ltd. $FLEX

Key Points

• DNB Asset Management AS nearly doubled its Flex position in the fourth quarter, buying 35,770 more shares and lifting its stake to 73,379 shares worth about $4.43 million.
• Flex reported strong quarterly results, posting $0.93 EPS on $7.48 billion in revenue, while analysts expect $4.15 EPS for the current fiscal year.
• Analyst sentiment has turned more bullish, with several firms raising price targets sharply; the consensus rating is now Moderate Buy with a target price of $112.80, even as insiders recently sold shares.

DNB Asset Management AS raised its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 95.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,379 shares of the technology company's stock after purchasing an additional 35,770 shares during the period. DNB Asset Management AS's holdings in Flex were worth $4,434,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in shares of Flex by 5.3% in the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company's stock worth $208,000 after acquiring an additional 181 shares during the period. Parcion Private Wealth LLC raised its position in shares of Flex by 1.5% during the 4th quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company's stock valued at $855,000 after buying an additional 216 shares in the last quarter. US Bancorp DE raised its position in Flex by 1.2% during the third quarter. US Bancorp DE now owns 19,729 shares of the technology company's stock valued at $1,144,000 after purchasing an additional 225 shares in the last quarter. Modera Wealth Management LLC raised its position in Flex by 3.4% during the third quarter. Modera Wealth Management LLC now owns 7,011 shares of the technology company's stock valued at $406,000 after purchasing an additional 231 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB raised its position in Flex by 7.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 3,594 shares of the technology company's stock valued at $208,000 after purchasing an additional 248 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Trading Down 2.7%

Shares of Flex stock opened at $126.29 on Wednesday. The company has a market capitalization of $46.43 billion, a P/E ratio of 54.20, a P/E/G ratio of 0.68 and a beta of 1.46. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company has a fifty day moving average of $86.45 and a 200 day moving average of $71.24. Flex Ltd. has a fifty-two week low of $40.15 and a fifty-two week high of $147.34.

Flex (NASDAQ:FLEX - Get Free Report) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, sell-side analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

FLEX has been the topic of several analyst reports. Zacks Research upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. KeyCorp lifted their price objective on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Barclays boosted their price target on Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

Insider Buying and Selling at Flex

In other Flex news, Director Charles K. Stevens III sold 15,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the completion of the transaction, the director owned 45,426 shares of the company's stock, valued at $6,275,147.64. This represents a 24.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 22,216 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the transaction, the insider directly owned 232,706 shares of the company's stock, valued at $33,132,680.28. This trade represents a 8.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 226,512 shares of company stock worth $30,720,858. Insiders own 0.57% of the company's stock.

Flex Company Profile

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.

Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd. (NASDAQ:FLEX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.