Moran Wealth Management LLC Invests $3.61 Million in Flex Ltd. (NASDAQ:FLEX)

Moran Wealth Management LLC bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 94,039 shares of the technology company's stock, valued at approximately $3,610,000.

A number of other large investors have also modified their holdings of the stock. Geode Capital Management LLC lifted 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 buying an additional 3,844,935 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company's stock worth $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock valued at $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Flex during the 4th quarter valued at approximately $33,363,000. Finally, Raymond James Financial Inc. purchased a new stake in Flex during the 4th quarter worth approximately $32,293,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the business's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction 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. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares in the company, 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. Insiders own 0.82% of the company's stock.

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Wall Street Analyst Weigh In

FLEX has been the subject of several research analyst reports. Stifel Nicolaus began 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. Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $44.33.

Flex Stock Performance

FLEX traded up $0.88 during trading hours on Friday, hitting $34.49. 2,699,212 shares of the stock were exchanged, compared to its average volume of 3,844,693. 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 $25.27 and a 12 month high of $45.10. The stock has a 50-day simple moving average of $40.30 and a 200-day simple moving average of $37.19. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping 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%. Analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

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.