Fideuram Asset Management Ireland dac Invests $979,000 in Flex Ltd. $FLEX

Key Points

• Fideuram Asset Management Ireland dac opened a new position in Flex, buying 17,192 shares valued at about $979,000 in the fourth quarter.
• Institutional interest in Flex appears strong: major holders like Vanguard, State Street, Qube Research & Technologies, and JPMorgan all increased their stakes, and institutions own 94.30% of the stock.
• Flex has seen notable insider selling and upbeat analyst sentiment, with executives selling shares in recent months while multiple brokerages raised targets; the stock is currently rated Moderate Buy with an average price target of $112.80.

Fideuram Asset Management Ireland dac bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 17,192 shares of the technology company's stock, valued at approximately $979,000.

Several other hedge funds also recently made changes to their positions in FLEX. Vanguard Group Inc. increased its holdings in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. State Street Corp increased its holdings in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the period. Qube Research & Technologies Ltd increased its holdings in shares of Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company's stock worth $162,968,000 after purchasing an additional 1,522,308 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Flex by 80.9% during the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company's stock worth $153,374,000 after purchasing an additional 1,183,464 shares during the period. Finally, Junto Capital Management LP bought a new position in shares of Flex during the third quarter worth approximately $56,270,000. 94.30% of the stock is owned by institutional investors.

Insider Transactions at Flex

In other Flex news, EVP David Scott Offer sold 22,212 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80. Following the sale, the executive vice president owned 74,926 shares in the company, valued at $10,669,462.40. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 17,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $135.93, for a total transaction of $2,378,775.00. Following the completion of the sale, the chief operating officer owned 238,543 shares in the company, valued at $32,425,149.99. This represents a 6.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 329,512 shares of company stock valued at $44,459,298. Corporate insiders own 0.57% of the company's stock.

Flex Stock Performance

NASDAQ FLEX opened at $150.65 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $55.19 billion, a price-to-earnings ratio of 64.66, a P/E/G ratio of 0.79 and a beta of 1.46. The firm's 50 day simple moving average is $98.58 and its 200 day simple moving average is $75.42. Flex Ltd. has a 1 year low of $41.43 and a 1 year high of $154.25.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, research analysts expect that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on FLEX. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. KeyCorp raised their target price on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Stifel Nicolaus increased their price target on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Finally, Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. One equities research 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $112.80.

About Flex

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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