Bank of New York Mellon Corp Acquires 1,327,298 Shares of Flex Ltd. (NASDAQ:FLEX)

Bank of New York Mellon Corp grew its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 210.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,957,477 shares of the technology company's stock after purchasing an additional 1,327,298 shares during the quarter. Bank of New York Mellon Corp owned about 0.50% of Flex worth $75,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Janus Henderson Group PLC boosted its position in Flex by 1.3% during the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company's stock worth $898,389,000 after purchasing an additional 344,773 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Flex by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company's stock worth $237,216,000 after buying an additional 31,214 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock worth $202,152,000 after buying an additional 296,505 shares during the period. Geode Capital Management LLC grew its stake in Flex by 619.3% in 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 buying an additional 3,844,935 shares during the last quarter. Finally, State Street Corp raised its holdings in Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company's stock worth $122,503,000 after acquiring an additional 603,208 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

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Insider Buying and Selling

In other news, Director Lay Koon Tan sold 50,000 shares of the company's stock in a transaction dated 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 sale, the director now owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company's stock, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.

Analyst Ratings Changes

FLEX has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price for the company. Finally, Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $44.33.

Flex Stock Performance

Shares of NASDAQ FLEX traded down $0.32 during mid-day trading on Friday, hitting $34.13. The company had a trading volume of 2,065,421 shares, compared to its average volume of 3,820,647. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm has a market cap of $13.07 billion, a P/E ratio of 13.78, a PEG ratio of 2.43 and a beta of 1.07. The business's 50-day simple moving average is $40.78 and its 200-day simple moving average is $37.12.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Profile

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.