Flex Ltd. (NASDAQ:FLEX) Holdings Raised by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Flex Ltd. by 6.2%, owning 96,600 shares valued at approximately $3.2 million as of the latest SEC filing.
• Multiple institutional investors, including Universal Beteiligungs und Servicegesellschaft and Allianz Asset Management, have made significant investments or increased their positions in Flex during the first quarter.
• Flex Ltd. reported earnings of $0.72 per share, beating expectations, with revenue of $6.58 billion, a 4.1% increase year-over-year, indicating strong financial performance.

KLP Kapitalforvaltning AS lifted its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 96,600 shares of the technology company's stock after purchasing an additional 5,600 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Flex were worth $3,196,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Sowell Financial Services LLC purchased a new stake in Flex during the first quarter worth approximately $246,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Flex by 7,157.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company's stock worth $2,290,000 after purchasing an additional 68,065 shares during the period. Brandywine Global Investment Management LLC boosted its position in Flex by 219.2% during the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock worth $5,119,000 after purchasing an additional 91,571 shares during the period. Sequoia Financial Advisors LLC boosted its position in Flex by 7.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company's stock worth $3,563,000 after purchasing an additional 7,637 shares during the period. Finally, DAVENPORT & Co LLC boosted its position in shares of Flex by 20.9% in the first quarter. DAVENPORT & Co LLC now owns 6,930 shares of the technology company's stock worth $229,000 after buying an additional 1,200 shares during the period. Hedge funds and other institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FLEX. Stifel Nicolaus upped their target price on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of Flex from $44.00 to $60.00 and gave the company 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 research note on Saturday. Barclays upped their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Bank of America upped their price objective on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Flex presently has a consensus rating of "Buy" and a consensus price target of $53.71.

Flex Stock Up 1.9%

Shares of FLEX stock traded up $0.96 during trading hours on Tuesday, hitting $51.45. 1,943,786 shares of the company were exchanged, compared to its average volume of 4,126,276. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The business's 50-day simple moving average is $47.23 and its two-hundred day simple moving average is $40.71. The stock has a market capitalization of $19.23 billion, a price-to-earnings ratio of 22.64, a P/E/G ratio of 1.84 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. Flex had a return on equity of 20.25% and a net margin of 3.42%. The company had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter last year, the business posted $0.51 EPS. Flex's quarterly revenue was up 4.1% compared to the same quarter last year. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Transactions at Flex

In other news, COO Kwang Hooi Tan sold 37,533 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at approximately $11,538,503.37. This trade represents a 12.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 35,393 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,297.91. Following the completion of the sale, the insider directly owned 293,195 shares in the company, valued at approximately $12,569,269.65. This trade represents a 10.77% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,148,441 shares of company stock valued at $48,211,090. Company insiders own 0.57% of the company's stock.

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.