Lansforsakringar Fondforvaltning AB publ Takes Position in Flex Ltd. $FLEX

Key Points

• Lansforsakringar Fondforvaltning AB opened a new position in Flex, buying 60,743 shares worth about $3.98 million in the first quarter.
• Wall Street sentiment on Flex remains positive, with analysts giving the stock a Moderate Buy consensus rating and a consensus price target of $115.70. Several firms recently raised their targets, including Barclays to $203.
• Flex has had a strong run in the market and posted solid quarterly results, including $0.93 EPS on $7.48 billion in revenue. The stock opened at $136.85, near its 50-day average and well above its 200-day average.

Lansforsakringar Fondforvaltning AB publ purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 60,743 shares of the technology company's stock, valued at approximately $3,976,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Flex by 196.1% during 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 during the last quarter. Norges Bank bought a new stake in Flex during the fourth quarter valued at approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Flex during the fourth quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC increased its holdings in Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock valued at $10,469,000 after buying an additional 19,270 shares during the last quarter. Finally, North Dakota State Investment Board bought a new position in Flex in the fourth quarter worth approximately $794,000. Institutional investors own 94.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Stifel Nicolaus raised their target price on Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Barclays boosted their price target on Flex from $174.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their price target on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, KeyCorp raised their price objective on Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

Flex Price Performance

NASDAQ:FLEX opened at $136.85 on Friday. The business's 50-day simple moving average is $136.81 and its two-hundred day simple moving average is $90.78. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The stock has a market cap of $50.14 billion, a PE ratio of 58.73, a P/E/G ratio of 0.81 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion during the quarter. As a group, analysts forecast that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the sale, the chief executive officer directly owned 623,466 shares of the company's stock, valued at $89,978,613.12. This trade represents a 24.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares in the company, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is owned by company insiders.

Flex Profile

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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