Royal Bank of Canada Purchases 434,558 Shares of Flex Ltd. (NASDAQ:FLEX)

Royal Bank of Canada raised its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 187.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 666,920 shares of the technology company's stock after buying an additional 434,558 shares during the period. Royal Bank of Canada owned about 0.17% of Flex worth $25,603,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. R Squared Ltd bought a new stake in shares of Flex in the 4th quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex during the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex during the 4th quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after purchasing an additional 509 shares in the last quarter. Finally, Huntington National Bank boosted its position in shares of Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. KeyCorp upped their target price on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. The Goldman Sachs Group cut their price target on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Barclays increased their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. cut their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Wall Street Zen upgraded Flex from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $45.33.

Flex Stock Up 2.4%

Shares of Flex stock traded up $1.00 on Tuesday, hitting $42.48. The company had a trading volume of 4,008,327 shares, compared to its average volume of 3,915,172. The stock has a market capitalization of $15.86 billion, a price-to-earnings ratio of 17.13, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The stock has a 50 day moving average of $35.11 and a 200-day moving average of $37.90. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping 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 return on equity of 17.93% and a net margin of 3.95%. The company's quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. As a group, sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 4,502 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Erin Mcsweeney sold 14,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $41.94, for a total value of $587,160.00. Following the sale, the director now directly owns 22,299 shares of the company's stock, valued at $935,220.06. The trade was a 38.57% 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. 0.82% of the stock is owned by insiders.

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.