J.Safra Asset Management Corp Buys 6,163 Shares of Flex Ltd. (NASDAQ:FLEX)

J.Safra Asset Management Corp raised its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 72.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,697 shares of the technology company's stock after acquiring an additional 6,163 shares during the period. J.Safra Asset Management Corp's holdings in Flex were worth $486,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of FLEX. Boston Partners boosted its stake in shares of Flex by 2.2% in the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock valued at $1,006,436,000 after purchasing an additional 569,916 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after purchasing an additional 817,215 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Flex by 12.1% in 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Flex by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after buying an additional 361,049 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Flex during the fourth quarter worth approximately $229,484,000. 94.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. The Goldman Sachs Group reduced their target price on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Bank of America boosted their price objective on Flex from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. KeyCorp restated an "overweight" rating on shares of Flex in a report on Tuesday, June 3rd. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $46.00.

Flex Price Performance

Flex stock opened at $49.89 on Monday. The business's 50-day simple moving average is $41.18 and its 200 day simple moving average is $38.88. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The stock has a market cap of $18.64 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 1.85 and a beta of 1.04. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $50.62.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the previous year, the company earned $0.57 EPS. Flex's revenue was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity

In related news, CAO Daniel Wendler sold 1,245 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $56,037.45. Following the completion of the sale, the chief accounting officer now owns 47,619 shares in the company, valued at approximately $2,143,331.19. This represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer now directly owns 1,463,695 shares in the company, valued at $62,807,152.45. The trade was a 11.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last 90 days. 0.57% of the stock is owned by company insiders.

Flex 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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