Rafferty Asset Management LLC Acquires Shares of 8,857 Flex Ltd. (NASDAQ:FLEX)

Rafferty Asset Management LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 8,857 shares of the technology company's stock, valued at approximately $340,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Boston Partners increased its stake in 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 buying an additional 569,916 shares during the period. Vanguard Group Inc. boosted its holdings in Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock worth $472,155,000 after purchasing an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Flex by 12.1% in the 4th 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 during the last quarter. JPMorgan Chase & Co. grew its stake in Flex by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock valued at $246,006,000 after buying an additional 361,049 shares during the last quarter. Finally, Norges Bank acquired a new position in Flex in the 4th quarter valued at $229,484,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Insiders Place Their Bets

In other Flex news, CEO Revathi Advaithi sold 164,700 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $6,915,753.00. Following the completion of the transaction, the chief executive officer now directly owns 1,319,823 shares of the company's stock, valued at approximately $55,419,367.77. The trade was a 11.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the business's stock in a transaction that occurred 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 sale, 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. Over the last three months, insiders sold 489,255 shares of company stock valued at $19,589,788. Insiders own 0.82% of the company's stock.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. The Goldman Sachs Group lowered their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, KeyCorp upped their price objective on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Flex presently has an average rating of "Buy" and a consensus price target of $45.33.

Flex Price Performance

Shares of Flex stock traded down $0.38 during trading on Wednesday, hitting $42.10. 1,474,226 shares of the company's stock traded hands, compared to its average volume of 3,905,944. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm's fifty day moving average price is $35.24 and its 200 day moving average price is $37.93. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a market cap of $15.72 billion, a PE ratio of 16.99, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during 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 quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. Analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

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.