Neuberger Berman Group LLC Raises Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Neuberger Berman Group LLC boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 13,790.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,238,019 shares of the technology company's stock after buying an additional 1,229,106 shares during the quarter. Neuberger Berman Group LLC owned 0.32% of Flex worth $47,528,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Flex during the fourth quarter worth $229,484,000. Geode Capital Management LLC increased its stake in Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company's stock worth $149,350,000 after purchasing an additional 3,844,935 shares during the period. Invesco Ltd. grew its holdings in shares of Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock valued at $207,107,000 after purchasing an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp boosted its position in 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 valued at $75,148,000 after buying an additional 1,327,298 shares during the period. Finally, Principal Financial Group Inc. purchased a new position in Flex in the fourth quarter valued at $33,363,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Performance

Shares of NASDAQ FLEX traded up $0.66 during mid-day trading on Tuesday, hitting $31.31. 1,226,000 shares of the company were exchanged, compared to its average volume of 3,958,282. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The stock has a 50 day simple moving average of $35.95 and a 200-day simple moving average of $37.45.

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, 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 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the business's stock in a transaction on 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 sale, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael P. Hartung sold 64,807 shares of the business's 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 completion of the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FLEX. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective for the company. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Barclays boosted their target price on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. The Goldman Sachs Group dropped their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Finally, KeyCorp reduced their target price on Flex from $46.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $43.67.

Flex Company 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.