ING Groep NV purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX – Free Report) in the fourth quarter, Holdings Channel reports. The fund purchased 101,800 shares of the technology company’s stock, valued at approximately $6,151,000.
Several other institutional investors have also recently made changes to their positions in FLEX. Vanguard Group Inc. grew its position in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after buying an additional 25,662,586 shares during the period. State Street Corp increased its holdings in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Flex by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock worth $459,829,000 after buying an additional 181,266 shares in the last quarter. Norges Bank purchased a new stake in shares of Flex during the fourth quarter worth $319,756,000. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock worth $162,968,000 after buying an additional 1,522,308 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.
Flex Stock Performance
Shares of FLEX opened at $150.83 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market cap of $55.26 billion, a PE ratio of 64.73, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63. The company’s 50 day simple moving average is $109.29 and its 200-day simple moving average is $79.53. Flex Ltd. has a 12-month low of $42.83 and a 12-month high of $166.86.
Insider Buying and Selling at Flex
In other news, insider Michael P. Hartung sold 22,216 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the transaction, the insider directly owned 232,706 shares in the company, valued at approximately $33,132,680.28. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the transaction, the executive vice president owned 73,471 shares in the company, valued at approximately $11,307,921.61. This trade represents a 30.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 345,012 shares of company stock valued at $48,508,103. 0.57% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
FLEX has been the subject of a number of analyst reports. Stifel Nicolaus upped their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Robert W. Baird set a $165.00 target price on shares of Flex in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, KeyCorp upped their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.
Check Out Our Latest Stock Analysis on FLEX
Flex Profile
Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.
Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.
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