Flex Ltd. (NASDAQ:FLEX) Shares Purchased by Sterling Capital Management LLC

Sterling Capital Management LLC boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 5.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 88,038 shares of the technology company’s stock after acquiring an additional 4,626 shares during the period. Sterling Capital Management LLC’s holdings in Flex were worth $3,380,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth about $229,484,000. Geode Capital Management LLC increased its stake in Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Flex by 42.9% during the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock valued at $207,107,000 after acquiring an additional 1,620,812 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Flex by 210.6% in 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 acquiring an additional 1,327,298 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in shares of Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after acquiring an additional 1,229,106 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on FLEX. KeyCorp reduced their price objective on Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday. Barclays boosted 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. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $43.67.

Flex Stock Performance

NASDAQ:FLEX opened at $29.59 on Friday. The company’s 50-day moving average is $36.20 and its two-hundred day moving average is $37.45. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 2.43 and a beta of 0.99.

Flex (NASDAQ:FLEX) last released 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 return on equity of 17.93% and a net margin of 3.95%. Analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were 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 $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 at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the 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 sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

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.