Invesco Ltd. raised its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 55.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,363,106 shares of the technology company's stock after purchasing an additional 2,968,285 shares during the period. Invesco Ltd. owned 2.18% of Flex worth $276,652,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in shares of Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after buying an additional 916,085 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Flex by 3,794.6% during 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 grew its holdings in shares of 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 valued at $102,954,000 after buying an additional 497,307 shares during the last quarter. Northern Trust Corp grew 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 valued at $95,965,000 after buying an additional 1,177,923 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Flex by 36.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,280,657 shares of the technology company's stock valued at $87,554,000 after buying an additional 603,809 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Flex news, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the sale, the insider owned 303,718 shares in the company, valued at approximately $13,670,347.18. This represents a 2.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 37,465 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the sale, the chief executive officer owned 1,363,312 shares of the company's stock, valued at approximately $61,362,673.12. The trade was a 2.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 659,186 shares of company stock worth $28,621,302 in the last 90 days. Corporate insiders own 0.57% of the company's stock.
Flex Price Performance
Shares of FLEX traded down $0.44 during mid-day trading on Friday, hitting $49.00. 4,663,018 shares of the company were exchanged, compared to its average volume of 4,225,455. 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 quick ratio of 0.83 and a current ratio of 1.36. The company has a 50 day moving average of $49.51 and a 200-day moving average of $41.51. The stock has a market cap of $18.39 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.68 and a beta of 1.05.
Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.09. The company 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%. Flex's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 EPS. Analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the stock. KGI Securities lowered shares of Flex from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Barclays upped their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. increased 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. Finally, KeyCorp upped their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Flex has an average rating of "Buy" and a consensus price target of $53.71.
Get Our Latest Stock Analysis on FLEX
Flex Company Profile
(
Free Report)
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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