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

Rafferty Asset Management LLC purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,857 shares of the technology company's stock, valued at approximately $340,000.

A number of other large investors have also recently bought and sold shares of the business. Raiffeisen Bank International AG acquired a new stake in Flex during the 4th quarter worth $13,712,000. ProShare Advisors LLC acquired a new stake in Flex during the 4th quarter worth $694,000. Quantinno Capital Management LP boosted its stake in Flex by 11.9% during the 4th quarter. Quantinno Capital Management LP now owns 17,189 shares of the technology company's stock worth $660,000 after purchasing an additional 1,824 shares during the period. Man Group plc boosted its stake in Flex by 2.2% during the 4th quarter. Man Group plc now owns 267,192 shares of the technology company's stock worth $10,258,000 after purchasing an additional 5,821 shares during the period. Finally, Merewether Investment Management LP boosted its stake in Flex by 17.3% during the 4th quarter. Merewether Investment Management LP now owns 1,634,987 shares of the technology company's stock worth $62,767,000 after purchasing an additional 241,087 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FLEX shares. KeyCorp increased their price target on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Barclays increased their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price for the company. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $45.33.

Flex Trading Down 0.4%

Shares of Flex stock traded down $0.17 during mid-day trading on Thursday, hitting $41.91. 826,595 shares of the stock were exchanged, compared to its average volume of 3,895,384. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The stock has a market capitalization of $15.65 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a 50-day simple moving average of $35.36 and a 200 day simple moving average of $37.96. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same period last year, the company earned $0.57 EPS. The firm's revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related 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 value of $189,038.98. Following the sale, the chief accounting officer now directly owns 38,676 shares of the company's stock, valued at approximately $1,624,005.24. This trade represents a 10.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Revathi Advaithi sold 120,280 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the completion of the sale, the chief executive officer now directly owns 1,112,193 shares in the company, valued at $42,363,431.37. This represents a 9.76% 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 ninety days. Insiders own 0.82% of the company's stock.

Flex Company 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.