Raymond James Financial Inc. Acquires New Shares in Flex Ltd. (NASDAQ:FLEX)

Raymond James Financial Inc. purchased a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 841,172 shares of the technology company's stock, valued at approximately $32,293,000. Raymond James Financial Inc. owned 0.22% of Flex at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FLEX. Geode Capital Management LLC lifted its position in Flex by 619.3% in 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. Charles Schwab Investment Management Inc. lifted its holdings 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 valued at $88,247,000 after buying an additional 2,170,262 shares during the period. Bank of New York Mellon Corp boosted its stake in Flex by 210.6% during 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 buying an additional 1,327,298 shares in the last quarter. Principal Financial Group Inc. acquired a new position in Flex during the fourth quarter worth about $33,363,000. Finally, Simcoe Capital Management LLC bought a new stake in Flex in the third quarter worth about $22,075,000. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. Barclays lifted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $44.33.

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Flex Trading Up 2.1 %

Shares of FLEX stock traded up $0.74 during trading hours on Monday, reaching $35.23. 2,389,963 shares of the stock traded hands, compared to its average volume of 3,810,332. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $13.50 billion, a PE ratio of 14.21, a PEG ratio of 2.43 and a beta of 1.07. Flex Ltd. has a 1-year low of $25.27 and a 1-year high of $45.10. The business has a fifty day moving average price of $40.19 and a 200 day moving average price of $37.27.

Flex (NASDAQ:FLEX - Get Free Report) last announced 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 net margin of 3.95% and a return on equity of 17.93%. On average, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling

In other Flex news, 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 value of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. This trade 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.