Vanguard Group Inc. Purchases 817,215 Shares of Flex Ltd. (NASDAQ:FLEX)

Vanguard Group Inc. grew its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,298,896 shares of the technology company's stock after acquiring an additional 817,215 shares during the period. Vanguard Group Inc. owned about 3.21% of Flex worth $472,155,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. R Squared Ltd bought a new position in Flex during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. bought a new position in shares of Flex during the 4th quarter worth approximately $38,000. EverSource Wealth Advisors LLC increased its holdings in shares of Flex by 82.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock worth $60,000 after acquiring an additional 704 shares during the last quarter. UMB Bank n.a. bought a new stake in Flex in the 4th quarter valued at $64,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Flex during the 3rd quarter valued at $75,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FLEX shares. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research report on Friday, February 14th. Barclays raised their price objective 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, Stifel Nicolaus assumed coverage on Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $44.33.

Insider Buying and Selling

In other Flex news, Director Lay Koon Tan sold 50,000 shares of Flex 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 transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 value of $2,844,379.23. Following the transaction, the insider now directly 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 position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $2.64 on Friday, reaching $26.68. 13,280,787 shares of the company's stock were exchanged, compared to its average volume of 3,919,760. 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 Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a fifty day moving average of $37.83 and a 200-day moving average of $37.67. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99.

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

Flex 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.