Mirabella Financial Services LLP Makes New $2.05 Million Investment in Flex Ltd. (NASDAQ:FLEX)

Mirabella Financial Services LLP bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 53,475 shares of the technology company's stock, valued at approximately $2,053,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FLEX. Norges Bank bought a new position in shares of Flex in the fourth quarter worth approximately $229,484,000. Invesco Ltd. grew its stake in Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp increased its holdings 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. Neuberger Berman Group LLC lifted its holdings in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after acquiring an additional 1,229,106 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Flex by 12.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after acquiring an additional 916,085 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Trading Up 5.3 %

NASDAQ:FLEX traded up $1.67 during mid-day trading on Wednesday, reaching $32.94. 3,763,507 shares of the company's stock traded hands, compared to its average volume of 3,970,231. The company has a 50 day moving average price of $34.52 and a 200-day moving average price of $37.35. The firm has a market capitalization of $12.62 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 2.43 and a beta of 0.99. 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 Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, sell-side analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FLEX. JPMorgan Chase & Co. dropped their price target on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. KeyCorp cut their price target on shares of Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex presently has an average rating of "Buy" and an average price target of $43.67.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of the 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 approximately $10,249,456.14. This 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 the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex 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 sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.

About Flex

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.