Russell Investments Group Ltd. Grows Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Russell Investments Group Ltd. lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 78.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 80,157 shares of the technology company's stock after acquiring an additional 35,338 shares during the period. Russell Investments Group Ltd.'s holdings in Flex were worth $3,078,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Boston Partners boosted its position in shares of Flex by 2.2% during the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company's stock worth $1,006,436,000 after purchasing an additional 569,916 shares in the last quarter. Vanguard Group Inc. grew its stake in Flex by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after acquiring an additional 817,215 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Flex by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock valued at $246,006,000 after acquiring an additional 361,049 shares in the last quarter. Norges Bank acquired a new position in shares of Flex during the fourth quarter worth approximately $229,484,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Flex by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 4,598,271 shares of the technology company's stock worth $176,607,000 after purchasing an additional 132,457 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

Shares of FLEX traded up $0.74 on Tuesday, reaching $31.27. 2,660,993 shares of the company's stock traded hands, compared to its average volume of 3,968,725. The stock's 50 day simple moving average is $34.52 and its two-hundred day simple moving average is $37.35. The stock has a market cap of $11.98 billion, a PE ratio of 12.61, a PEG ratio of 2.43 and a beta of 0.99. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

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 return on equity of 17.93% and a net margin of 3.95%. On average, analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FLEX. JPMorgan Chase & Co. lowered their price objective on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. The Goldman Sachs Group lowered 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. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. 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. Finally, Barclays upped their price target on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex has an average rating of "Buy" and an average target price of $43.67.

Insider Activity

In related news, insider Michael P. Hartung sold 64,807 shares of the company's 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 transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lay Koon Tan sold 50,000 shares of the firm's stock in a transaction 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 sale, the director now directly owns 202,850 shares of the company's stock, 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. 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.