Zurcher Kantonalbank Zurich Cantonalbank Buys 16,157 Shares of Flex Ltd. (NASDAQ:FLEX)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 15.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 118,280 shares of the technology company's stock after acquiring an additional 16,157 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Flex were worth $4,541,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Huntington National Bank grew its holdings in shares of Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company's stock worth $34,000 after purchasing an additional 479 shares during the last quarter. R Squared Ltd acquired a new position in shares of Flex during the fourth quarter worth $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex in the fourth quarter worth $38,000. First Horizon Advisors Inc. increased its holdings in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company's stock valued at $53,000 after purchasing an additional 305 shares during the period. Finally, UMB Bank n.a. acquired a new position in Flex during the 4th quarter worth about $64,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FLEX. StockNews.com raised Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Stifel Nicolaus initiated coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target on the stock. Finally, Barclays upped 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. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Flex has an average rating of "Buy" and an average target price of $44.33.

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Flex Trading Down 1.2 %

Shares of Flex stock traded down $0.44 on Tuesday, reaching $34.79. 2,453,179 shares of the company's stock were exchanged, compared to its average volume of 3,804,704. The firm's 50-day moving average is $40.09 and its two-hundred day moving average is $37.29. The company has a market capitalization of $13.33 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results 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 net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Lay Koon Tan sold 50,000 shares of the company's stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael P. Hartung sold 64,807 shares of Flex 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 sale, 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 owned by company insiders.

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.