Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 245,124 shares of the technology company's stock, valued at approximately $8,109,000. Universal Beteiligungs und Servicegesellschaft mbH owned 0.06% of Flex as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Flex in the fourth quarter worth $229,484,000. Invesco Ltd. boosted its holdings in Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after buying an additional 1,620,812 shares during the period. Neuberger Berman Group LLC increased its stake in Flex by 13,790.0% in the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after buying an additional 1,229,106 shares in the last quarter. Northern Trust Corp raised its holdings in Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after acquiring an additional 1,177,923 shares during the period. Finally, LMR Partners LLP purchased a new position in shares of Flex in the fourth quarter valued at about $36,470,000. Hedge funds and other institutional investors own 94.30% of the company's stock.
Flex Price Performance
Shares of Flex stock traded up $0.50 on Monday, reaching $50.49. The company's stock had a trading volume of 3,292,784 shares, compared to its average volume of 4,143,070. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $53.97. The company has a market capitalization of $18.87 billion, a P/E ratio of 22.14, a PEG ratio of 1.84 and a beta of 1.07. The stock has a 50-day moving average price of $47.06 and a 200-day moving average price of $40.63.
Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to the consensus estimate of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. Analysts expect that Flex Ltd. will post 2.33 EPS for the current year.
Insider Activity
In other news, EVP David Scott Offer sold 87,093 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president directly owned 71,001 shares of the company's stock, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 35,393 shares of the firm's stock in a transaction on 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 approximately $12,569,269.65. This represents a 10.77% decrease in their ownership of the stock. 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 three months. 0.57% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have weighed in on FLEX. KeyCorp upped their price target on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Stifel Nicolaus lifted their target price on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Friday. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a research note on Friday, July 11th. Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Bank of America increased their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $53.71.
Read Our Latest Report on FLEX
About Flex
(
Free Report)
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.
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