Fjarde AP Fonden Fourth Swedish National Pension Fund Buys New Position in Flex Ltd. $FLEX

Key Points

• Fjarde AP Fonden opened a new position in Flex Ltd. in the fourth quarter, buying 86,900 shares valued at about $5.25 million.
• Institutional ownership of Flex remains very high, with hedge funds and other investors holding 94.3% of the stock. Several large firms, including Vanguard and Norges Bank, also increased or initiated stakes.
• Flex reported quarterly earnings of $0.93 per share on $7.48 billion in revenue, while analysts currently rate the stock Moderate Buy with a consensus price target of $115.70.

Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 86,900 shares of the technology company's stock, valued at approximately $5,250,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% during 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 buying an additional 25,662,586 shares during the period. Norges Bank purchased a new stake in shares of Flex during the 4th quarter valued at about $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of Flex during the 4th quarter valued at about $2,497,000. Sequoia Financial Advisors LLC increased its holdings in Flex by 12.5% during the 4th 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. Finally, Teacher Retirement System of Texas increased its holdings in Flex by 62.3% during the 4th quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock worth $20,566,000 after purchasing an additional 130,641 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX opened at $150.83 on Tuesday. The firm has a market cap of $55.26 billion, a price-to-earnings ratio of 64.73, a PEG ratio of 0.80 and a beta of 1.63. The stock has a 50 day moving average of $109.29 and a 200-day moving average of $79.53. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 52 week low of $42.83 and a 52 week high of $166.86.

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

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 22,216 shares of Flex stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.38, for a total value of $3,163,114.08. Following the completion of the transaction, the insider owned 232,706 shares in the company, valued at approximately $33,132,680.28. This trade represents a 8.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles K. Stevens III sold 15,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $138.14, for a total value of $2,072,100.00. Following 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 345,012 shares of company stock worth $48,508,103. 0.57% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on FLEX. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Zacks Research upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. The Goldman Sachs Group lifted their price objective on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus lifted their price objective on Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Flex has an average rating of "Moderate Buy" and a consensus price target of $115.70.

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.