UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Position in Flex Ltd. (NASDAQ:FLEX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 22.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,681,792 shares of the technology company's stock after buying an additional 497,307 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.70% of Flex worth $102,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Flex in the 4th quarter worth $229,484,000. Invesco Ltd. grew its holdings in Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Flex by 210.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after acquiring an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock valued at $47,528,000 after acquiring an additional 1,229,106 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after purchasing an additional 1,177,923 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. KeyCorp boosted 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. Wall Street Zen raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price for the company. The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Finally, Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $45.33.

Flex Stock Performance

NASDAQ:FLEX traded down $0.40 during trading hours on Wednesday, hitting $42.08. 2,537,716 shares of the company were exchanged, compared to its average volume of 3,909,687. The company's 50 day moving average price is $35.24 and its 200-day moving average price is $37.93. The stock has a market capitalization of $15.71 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last released its 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. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the firm earned $0.57 EPS. The firm's revenue was up 3.7% on a year-over-year basis. As a group, research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 164,700 shares of Flex stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the completion of the transaction, the chief executive officer now owns 1,319,823 shares in the company, valued at approximately $55,419,367.77. This trade represents a 11.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Erin Mcsweeney sold 14,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.94, for a total value of $587,160.00. Following the completion of the sale, the director now owns 22,299 shares in the company, valued at $935,220.06. The trade was a 38.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 489,255 shares of company stock valued at $19,589,788 over the last quarter. 0.82% of the stock is currently owned by company insiders.

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.