Forsta AP Fonden Purchases Shares of 126,400 Flex Ltd. $FLEX

Key Points

• Forsta AP Fonden opened a new position in Flex during the fourth quarter, buying 126,400 shares valued at about $7.64 million.
• Institutional ownership in Flex remains very high at 94.30%, and several large funds, including Vanguard and Norges Bank, also increased or initiated positions recently.
• Wall Street sentiment is broadly positive: analysts now have a Moderate Buy consensus on Flex, with a target price of $112.80, even as top executives recently sold shares.

Forsta AP Fonden purchased a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 126,400 shares of the technology company's stock, valued at approximately $7,637,000.

A number of other hedge funds also recently bought and sold shares of FLEX. Vanguard Group Inc. raised its position in Flex by 196.1% in 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 purchasing an additional 25,662,586 shares in the last quarter. Norges Bank acquired a new stake in shares of Flex during the 4th quarter worth about $319,756,000. State Street Corp raised its position in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of Flex by 118.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company's stock worth $162,968,000 after acquiring an additional 1,522,308 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Flex by 80.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company's stock worth $153,374,000 after acquiring an additional 1,183,464 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research analyst reports. Raymond James Financial set a $80.00 target price on Flex and gave the stock an "outperform" rating in a research report on Wednesday, February 4th. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Zacks Research raised Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. Finally, Barclays lifted their price target on Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

Insider Activity at Flex

In other news, Director Erin Mcsweeney sold 2,000 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $132.51, for a total value of $265,020.00. Following the completion of the transaction, the director directly owned 9,512 shares of the company's stock, valued at $1,260,435.12. The trade was a 17.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Revathi Advaithi sold 83,500 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.87, for a total value of $11,094,645.00. Following the completion of the transaction, the chief executive officer owned 605,522 shares of the company's stock, valued at $80,455,708.14. The trade was a 12.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 329,512 shares of company stock valued at $44,459,298 in the last 90 days. 0.57% of the stock is owned by corporate insiders.

Flex Stock Down 1.8%

FLEX opened at $148.01 on Tuesday. The business's fifty day moving average is $100.23 and its two-hundred day moving average is $76.11. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company has a market cap of $54.23 billion, a price-to-earnings ratio of 63.52, a PEG ratio of 0.79 and a beta of 1.63. Flex Ltd. has a one year low of $41.43 and a one year high of $154.25.

Flex (NASDAQ:FLEX - Get Free Report) last posted 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 for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

About Flex

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.

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