Flex Ltd. (NASDAQ:FLEX) Shares Bought by Kesler Norman & Wride LLC

Kesler Norman & Wride LLC grew its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 63.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,020 shares of the technology company's stock after acquiring an additional 8,558 shares during the period. Kesler Norman & Wride LLC's holdings in Flex were worth $729,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Flex in the fourth quarter valued at $229,484,000. Invesco Ltd. raised its holdings in shares of Flex by 42.9% during the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after acquiring an additional 1,620,812 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in shares of 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 worth $47,528,000 after acquiring an additional 1,229,106 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Flex by 89.1% during the fourth 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 in the last quarter. Finally, LMR Partners LLP purchased a new stake in shares of Flex during the fourth quarter worth $36,470,000. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the executive vice president directly owned 148,643 shares of the company's stock, valued at $6,690,421.43. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the sale, the insider directly owned 303,718 shares in the company, valued at approximately $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last quarter. Insiders own 0.57% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FLEX. The Goldman Sachs Group cut their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Bank of America increased their price objective on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday. KeyCorp increased their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. cut their target price on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Barclays raised their target price on Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $49.43.

Flex Price Performance

NASDAQ FLEX opened at $52.19 on Friday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.54. The stock's 50-day moving average is $44.58 and its two-hundred day moving average is $39.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79. The firm has a market cap of $19.50 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.93 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm's revenue was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. On average, analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

About Flex

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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