J.Safra Asset Management Corp Raises Holdings in Flex Ltd. (NASDAQ:FLEX)

J.Safra Asset Management Corp increased its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 72.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,697 shares of the technology company's stock after buying an additional 6,163 shares during the quarter. J.Safra Asset Management Corp's holdings in Flex were worth $486,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CX Institutional purchased a new stake in Flex in the first quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Flex in the 4th quarter valued at about $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after acquiring an additional 509 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Flex during the 4th quarter worth $38,000. Finally, Huntington National Bank grew its stake in Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after acquiring an additional 478 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Ratings Changes

FLEX has been the subject of several analyst reports. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Barclays increased their target price on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. The Goldman Sachs Group dropped their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. cut their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, KeyCorp raised their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Flex currently has a consensus rating of "Buy" and an average target price of $48.29.

Insiders Place Their Bets

In related news, CEO Revathi Advaithi sold 181,028 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was 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 directly owned 1,463,695 shares of the company's stock, valued at $62,807,152.45. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Kwang Hooi Tan sold 37,533 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,609,039.71. Following the sale, the chief operating officer owned 269,151 shares in the company, valued at approximately $11,538,503.37. The trade was a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,135,941 shares of company stock worth $47,582,965. Insiders own 0.82% of the company's stock.

Flex Stock Performance

Shares of Flex stock traded up $0.91 during trading on Thursday, reaching $51.65. The company's stock had a trading volume of 2,764,362 shares, compared to its average volume of 4,014,404. The company has a 50-day moving average price of $42.61 and a two-hundred day moving average price of $39.21. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.16. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The firm has a market cap of $19.30 billion, a PE ratio of 24.36, a P/E/G ratio of 1.88 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 for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period last year, the company earned $0.57 earnings per share. The company's revenue for the quarter was up 3.7% on a year-over-year basis. On average, analysts forecast that Flex Ltd. will post 2.33 EPS for the current 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.