Vident Advisory LLC Acquires Shares of 6,439 Flex Ltd. (NASDAQ:FLEX)

Vident Advisory LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 6,439 shares of the technology company's stock, valued at approximately $247,000.

Several other hedge funds have also recently bought and sold shares of FLEX. Barclays PLC raised its position in shares of Flex by 42.6% during the 3rd quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after buying an additional 231,572 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock worth $202,152,000 after acquiring an additional 296,505 shares in the last quarter. Brighton Jones LLC purchased a new position in shares of Flex in the fourth quarter worth approximately $260,000. Fifth Third Bancorp increased its position in shares of Flex by 305.6% in the fourth quarter. Fifth Third Bancorp now owns 2,231 shares of the technology company's stock worth $86,000 after acquiring an additional 1,681 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Flex by 71.1% in the fourth quarter. Blue Trust Inc. now owns 7,033 shares of the technology company's stock worth $270,000 after acquiring an additional 2,923 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLEX. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. KeyCorp upped their target price on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. Finally, Barclays upped their target price 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 investment 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 company currently has a consensus rating of "Buy" and a consensus target price of $45.33.

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 4,502 shares of the stock in a transaction on Tuesday, May 13th. The shares were 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 in the company, valued at $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the transaction, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 489,255 shares of company stock valued at $19,589,788 in the last quarter. Insiders own 0.82% of the company's stock.

Flex Stock Performance

NASDAQ FLEX traded up $0.84 during trading on Tuesday, reaching $43.22. The company's stock had a trading volume of 3,175,052 shares, compared to its average volume of 3,889,956. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $16.13 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The firm has a 50 day moving average price of $35.87 and a 200 day moving average price of $38.09.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm's quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. As a group, equities analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.