Harvest Fund Management Co. Ltd raised its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 249.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,099 shares of the technology company's stock after buying an additional 41,487 shares during the period. Harvest Fund Management Co. Ltd's holdings in Flex were worth $2,230,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings 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 worth $149,350,000 after acquiring an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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. Bank of New York Mellon Corp grew its position in shares of Flex by 210.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock worth $75,148,000 after buying an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Flex during the fourth quarter valued at approximately $33,363,000. Finally, Raymond James Financial Inc. purchased a new stake in Flex in the fourth quarter worth $32,293,000. 94.30% of the stock is owned by institutional investors.
Flex Stock Performance
Flex stock traded up $1.02 during mid-day trading on Monday, reaching $37.42. 2,328,668 shares of the stock traded hands, compared to its average volume of 3,772,303. The business's 50-day moving average is $39.68 and its 200-day moving average is $37.41. The stock has a market capitalization of $14.34 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. 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.
Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data 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%. As a group, sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.
Insider Activity
In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated Thursday, February 6th. The shares were 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 approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The stock was 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 owns 202,850 shares of the company's stock, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on FLEX. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Barclays raised their price objective on Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Flex presently has a consensus rating of "Buy" and an average price target of $44.33.
Read Our Latest Stock Analysis on Flex
Flex Company Profile
(
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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