Norges Bank Purchases Shares of 5,292,218 Flex Ltd. $FLEX

Norges Bank purchased a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,292,218 shares of the technology company's stock, valued at approximately $319,756,000. Norges Bank owned approximately 1.43% of Flex at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FLEX. Vanguard Group Inc. increased its stake in Flex by 196.1% in the fourth 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. State Street Corp grew its holdings in shares of Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock valued at $611,997,000 after buying an additional 3,377,669 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company's stock valued at $162,968,000 after buying an additional 1,522,308 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Flex by 80.9% during the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company's stock valued at $153,374,000 after buying an additional 1,183,464 shares during the last quarter. Finally, Junto Capital Management LP acquired a new position in shares of Flex during the third quarter valued at about $56,270,000. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FLEX. The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on shares of Flex in a report on Thursday, May 7th. Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Barclays lifted their price objective on shares of Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Finally, KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Flex presently has an average rating of "Moderate Buy" and a consensus price target of $112.80.

Flex Trading Down 1.8%

Shares of FLEX stock opened at $148.01 on Tuesday. Flex Ltd. has a 52-week low of $41.43 and a 52-week high of $154.25. 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 50-day simple moving average of $100.23 and a two-hundred day simple moving average of $76.11. The company has a market capitalization of $54.23 billion, a price-to-earnings ratio of 63.52, a PEG ratio of 0.79 and a beta of 1.46.

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

Insider Transactions at Flex

In related news, Director Charles K. Stevens III sold 15,000 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the sale, the director directly owned 45,426 shares in the company, valued at approximately $6,275,147.64. This represents a 24.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Kwang Hooi Tan sold 26,175 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the sale, the chief operating officer owned 256,043 shares in the company, valued at $36,452,841.91. The trade was a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 329,512 shares of company stock valued at $44,459,298. Corporate insiders own 0.57% of the company's stock.

Flex Company 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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