Capital World Investors boosted its stake in Flex Ltd. (NASDAQ:FLEX – Free Report) by 41.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 205,893 shares of the technology company’s stock after acquiring an additional 60,482 shares during the period. Capital World Investors’ holdings in Flex were worth $12,440,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% in 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 last quarter. Norges Bank purchased a new stake in shares of Flex in the fourth quarter valued at about $319,756,000. State Street Corp raised 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 valued at $611,997,000 after buying an additional 3,377,669 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Flex by 118.1% in the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after buying an additional 1,522,308 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Flex by 80.9% in the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock valued at $153,374,000 after buying an additional 1,183,464 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.
Flex Trading Down 2.4%
Shares of Flex stock opened at $147.21 on Wednesday. Flex Ltd. has a 52-week low of $42.83 and a 52-week high of $166.86. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company’s 50-day simple moving average is $110.93 and its 200-day simple moving average is $80.15. The firm has a market cap of $53.93 billion, a price-to-earnings ratio of 63.18, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64.
Key Headlines Impacting Flex
Here are the key news stories impacting Flex this week:
- Positive Sentiment: Flex announced it will join the S&P 500 effective before the open on June 22, a major milestone that should boost visibility, broaden institutional ownership, and increase demand from index-tracking funds. Flex to Join S&P 500 Index
- Positive Sentiment: Barclays raised its price target on Flex to $203 from $174 and kept an Overweight rating, citing strength in the company’s AI-related businesses and other segments. Barclays Lifts PT on Flex Ltd. (FLEX), Cites AI and Business Segments
- Positive Sentiment: Investors are also reacting to bullish commentary that Flex is being re-rated as an AI infrastructure beneficiary, with its CPI segment and planned spin-off seen as potential value drivers. The AI Kingdom Expands As Flex Joins The S&P 500
- Neutral Sentiment: Short-interest data showed no meaningful change, so it does not appear to be a major driver of the move today.
Insider Buying and Selling at Flex
In other news, EVP David Scott Offer sold 33,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the transaction, the executive vice president directly owned 73,471 shares in the company, valued at $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 114,090 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the transaction, the chief executive officer owned 689,022 shares in the company, valued at approximately $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 345,012 shares of company stock valued at $48,508,103. Insiders own 0.57% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on FLEX. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Barclays upped their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. JPMorgan Chase & Co. upped their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, KeyCorp upped their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Flex has an average rating of “Moderate Buy” and an average price target of $115.70.
About Flex
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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