Simmons Bank Buys New Stake in Flex Ltd. (NASDAQ:FLEX)

Simmons Bank purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 47,364 shares of the technology company's stock, valued at approximately $1,567,000.

Several other large investors have also recently made changes to their positions in the business. Brighton Jones LLC purchased a new position in Flex in the 4th quarter worth $260,000. QRG Capital Management Inc. bought a new stake in shares of Flex in the 4th quarter valued at about $201,000. Jones Financial Companies Lllp grew its position in Flex by 133.4% during the 4th quarter. Jones Financial Companies Lllp now owns 2,322 shares of the technology company's stock worth $89,000 after acquiring an additional 1,327 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Flex in the 4th quarter worth approximately $38,000. Finally, Steward Partners Investment Advisory LLC lifted its position in Flex by 149.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,307 shares of the technology company's stock valued at $165,000 after purchasing an additional 2,582 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on FLEX. JPMorgan Chase & Co. decreased their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Barclays boosted their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. The Goldman Sachs Group dropped their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Wall Street Zen downgraded Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Finally, KeyCorp increased their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $48.29.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 35,393 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,297.91. Following the transaction, the insider owned 293,195 shares of the company's stock, valued at $12,569,269.65. This trade represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kwang Hooi Tan sold 37,533 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at $11,538,503.37. This represents a 12.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,135,941 shares of company stock valued at $47,582,965 over the last 90 days. 0.57% of the stock is owned by corporate insiders.

Flex Stock Down 0.4%

NASDAQ FLEX traded down $0.23 during trading hours on Monday, reaching $51.46. 3,173,278 shares of the company's stock traded hands, compared to its average volume of 4,019,426. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $52.18. The firm has a 50-day simple moving average of $43.27 and a 200 day simple moving average of $39.41. The firm has a market cap of $19.23 billion, a PE ratio of 24.27, a PEG ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.79.

Flex (NASDAQ:FLEX - Get Free Report) last issued its 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. 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 3.25% and a return on equity of 19.01%. The business's revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Sell-side analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal 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.