Venturi Wealth Management LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,773 shares of the technology company's stock, valued at approximately $452,000.
Several other large investors have also modified their holdings of FLEX. Geode Capital Management LLC raised its stake in Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company's stock valued at $149,350,000 after purchasing an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Flex by 462.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company's stock valued at $88,247,000 after purchasing an additional 2,170,262 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Flex during the 4th quarter valued at $33,363,000. Simcoe Capital Management LLC acquired a new position in Flex during the 3rd quarter valued at $22,075,000. Finally, State Street Corp raised its stake in Flex by 19.7% during the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock valued at $122,503,000 after purchasing an additional 603,208 shares during the last quarter. 94.30% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, insider Michael P. Hartung sold 64,807 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares of the company's stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on FLEX shares. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective for the company. Craig Hallum increased their target price on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Finally, Barclays increased their target price on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $44.33.
Check Out Our Latest Research Report on FLEX
Flex Stock Down 3.2 %
Shares of NASDAQ:FLEX traded down $1.34 during midday trading on Friday, hitting $40.35. The stock had a trading volume of 3,552,565 shares, compared to its average volume of 3,593,848. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The business's 50-day simple moving average is $41.01 and its 200-day simple moving average is $36.66. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The company has a market cap of $15.46 billion, a P/E ratio of 16.27, a PEG ratio of 2.43 and a beta of 1.10.
Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.
About Flex
(
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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