Rafferty Asset Management LLC Invests $340,000 in Flex Ltd. (NASDAQ:FLEX)

Rafferty Asset Management LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 8,857 shares of the technology company's stock, valued at approximately $340,000.

Several other institutional investors also recently bought and sold shares of the company. United Services Automobile Association acquired a new stake in shares of Flex during the fourth quarter worth $982,000. Brandywine Global Investment Management LLC lifted its position in Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after purchasing an additional 91,571 shares during the period. Mutual of America Capital Management LLC acquired a new position in Flex during the fourth quarter valued at $7,864,000. Raymond James Financial Inc. acquired a new position in Flex during the fourth quarter valued at $32,293,000. Finally, American Century Companies Inc. increased its holdings in Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock valued at $26,637,000 after buying an additional 114,350 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Flex

In other news, CAO Daniel Wendler sold 4,502 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the transaction, the chief accounting officer now directly owns 38,676 shares of the company's stock, valued at $1,624,005.24. This trade represents a 10.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the transaction, the executive vice president now directly owns 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 489,255 shares of company stock valued at $19,589,788 in the last 90 days. 0.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FLEX shares. Stifel Nicolaus initiated coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. 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. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Finally, Barclays raised their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $45.33.

Flex Stock Up 2.4%

NASDAQ FLEX traded up $1.00 during trading hours on Tuesday, reaching $42.48. 4,008,327 shares of the company traded hands, compared to its average volume of 3,915,172. The stock has a market capitalization of $15.86 billion, a PE ratio of 17.13, a PEG ratio of 2.43 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average of $35.11 and a two-hundred day moving average of $37.90. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm's revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts expect that Flex Ltd. will post 2.33 earnings per share 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.