Elevation Point Wealth Partners LLC Raises Stake in Flex Ltd. (NASDAQ:FLEX)

Elevation Point Wealth Partners LLC lifted its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 77.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,540 shares of the technology company's stock after purchasing an additional 13,739 shares during the period. Elevation Point Wealth Partners LLC's holdings in Flex were worth $1,043,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank purchased a new position in Flex during the fourth quarter valued at approximately $229,484,000. Invesco Ltd. grew its stake in Flex by 42.9% during the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after acquiring an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock valued at $75,148,000 after acquiring an additional 1,327,298 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Flex by 13,790.0% during the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock valued at $47,528,000 after acquiring an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after acquiring an additional 1,177,923 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on FLEX. Bank of America lifted their target price on shares of Flex from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 28th. Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group dropped their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Finally, KeyCorp reiterated an "overweight" rating on shares of Flex in a research report on Tuesday, June 3rd. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $46.00.

Flex Trading Down 1.0%

NASDAQ:FLEX traded down $0.44 during midday trading on Friday, reaching $43.13. 3,086,566 shares of the stock traded hands, compared to its average volume of 3,881,059. The company has a fifty day moving average of $37.88 and a 200 day moving average of $38.30. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a market capitalization of $16.10 billion, a P/E ratio of 17.39, a PEG ratio of 2.43 and a beta of 1.04.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period in the prior year, the business posted $0.57 EPS. The firm's revenue was up 3.7% compared to the same quarter last year. On average, research analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Revathi Advaithi sold 132,000 shares of Flex stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $43.70, for a total value of $5,768,400.00. Following the sale, the chief executive officer now owns 1,331,695 shares of the company's stock, valued at approximately $58,195,071.50. This trade represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,074,948 shares of company stock valued at $44,837,670. 0.82% of the stock is owned by corporate insiders.

Flex Profile

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.