MGO One Seven LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,512 shares of the technology company's stock, valued at approximately $1,517,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. United Services Automobile Association bought a new stake in shares of Flex during the fourth quarter valued at approximately $982,000. Brandywine Global Investment Management LLC raised its holdings in Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock worth $5,119,000 after buying an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Flex during the fourth quarter valued at about $7,864,000. Raymond James Financial Inc. bought a new stake in shares of Flex during the fourth quarter worth about $32,293,000. Finally, American Century Companies Inc. lifted its position in Flex by 19.7% in the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock valued at $26,637,000 after acquiring an additional 114,350 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on FLEX. The Goldman Sachs Group lowered their price objective on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective on the stock. KeyCorp lowered their target price on shares of Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Barclays boosted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $43.67.
Get Our Latest Stock Report on FLEX
Flex Stock Performance
Shares of FLEX stock traded down $0.94 on Wednesday, hitting $33.94. 1,443,889 shares of the stock were exchanged, compared to its average volume of 3,979,313. The firm's 50 day moving average is $33.75 and its two-hundred day moving average is $37.36. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The firm has a market capitalization of $13.00 billion, a PE ratio of 13.69, a P/E/G ratio of 2.43 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.
Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.
Insider Transactions at Flex
In related news, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares of the company's stock, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company's stock.
Flex Company Profile
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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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