Flex Ltd. $FLEX Shares Purchased by Wellington Management Group LLP

Key Points

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Wellington Management Group LLP boosted its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 4.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,742,194 shares of the technology company's stock after acquiring an additional 996,276 shares during the period. Wellington Management Group LLP owned 5.68% of Flex worth $719,232,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in Flex by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after acquiring an additional 916,085 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock worth $276,652,000 after buying an additional 2,968,285 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Flex by 3,794.6% in the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after buying an additional 2,825,667 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Flex by 22.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,681,792 shares of the technology company's stock worth $102,954,000 after acquiring an additional 497,307 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Flex by 89.1% in the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after acquiring an additional 1,177,923 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America lifted their target price on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their target price on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus increased their price objective on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $53.71.

Insider Activity

In related news, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the completion of the sale, the insider owned 303,718 shares of the company's stock, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the executive vice president owned 148,643 shares in the company, valued at $6,690,421.43. This represents a 4.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 659,186 shares of company stock worth $28,621,302. Insiders own 0.57% of the company's stock.

Flex Trading Up 1.6%

Shares of FLEX stock opened at $49.77 on Tuesday. The firm's 50-day simple moving average is $49.63 and its 200-day simple moving average is $41.57. The firm has a market cap of $18.68 billion, a P/E ratio of 21.83, a PEG ratio of 1.67 and a beta of 1.05. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Flex Company 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.

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