Plato Investment Management Ltd bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX – Free Report) in the second quarter, Holdings Channel.com reports. The fund bought 13,316 shares of the technology company’s stock, valued at approximately $2,146,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of 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. State Street Corp increased its position in shares of Flex by 17.8% during the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock worth $849,235,000 after buying an additional 2,126,440 shares during the period. Geode Capital Management LLC raised its stake in 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 during the last quarter. Norges Bank acquired a new position in Flex in the fourth quarter valued at $319,756,000. 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 buying an additional 2,165,780 shares during the period. Institutional investors own 94.30% of the company’s stock.
Flex Stock Performance
Shares of FLEX opened at $130.00 on Tuesday. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The company has a market cap of $48.02 billion, a PE ratio of 50.19, a P/E/G ratio of 0.64 and a beta of 1.68. The stock has a 50-day moving average of $133.68 and a 200-day moving average of $104.52. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.
Insider Transactions at Flex
In other Flex news, insider Michael P. Hartung sold 22,627 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider owned 253,199 shares in the company, valued at approximately $36,582,191.52. The trade was a 8.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 company’s stock in a transaction 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. The trade was a 30.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 560,183 shares of company stock valued at $80,426,190 over the last ninety days. Company insiders own 0.62% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on FLEX. Raymond James Financial set a $170.00 price target on Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Barclays dropped their price objective on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Robert W. Baird set a $142.00 target price on Flex in a research note on Thursday, July 30th. Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, The Goldman Sachs Group dropped their price target on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and a consensus price target of $114.20.
Read Our Latest Analysis on FLEX
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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