Foster & Motley Inc. acquired a new position in Flex Ltd. (NASDAQ:FLEX – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,484 shares of the technology company’s stock, valued at approximately $727,000.
Several other institutional investors have also added to or reduced their stakes in FLEX. Vanguard Group Inc. grew its position in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank bought a new stake in shares of Flex in the fourth quarter worth $319,756,000. State Street Corp grew its holdings in shares of Flex by 38.0% in the second 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Flex by 694,916.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after acquiring an additional 2,640,682 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its holdings in Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock valued at $223,140,000 after acquiring an additional 2,165,780 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.
Flex Stock Down 6.0%
FLEX opened at $113.03 on Thursday. The stock has a market cap of $41.75 billion, a price-to-earnings ratio of 43.64, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The firm’s fifty day moving average is $132.61 and its 200 day moving average is $105.24. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86.
Insiders Place Their Bets
In related news, CAO Daniel Wendler sold 1,311 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the transaction, the chief accounting officer owned 37,932 shares of the company’s stock, valued at approximately $5,507,726.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the sale, the executive vice president directly owned 91,122 shares of the company’s stock, valued at $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 560,183 shares of company stock worth $80,426,190. Insiders own 0.62% of the company’s stock.
Analyst Ratings Changes
A number of research firms have issued reports on FLEX. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Raymond James Financial set a $170.00 price objective on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. KeyCorp increased their price target on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Finally, Robert W. Baird set a $142.00 price objective on shares of Flex in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and a consensus target price of $114.20.
Get Our Latest 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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