Moran Wealth Management LLC Takes $3.61 Million Position in Flex Ltd. (NASDAQ:FLEX)

Moran Wealth Management LLC purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 94,039 shares of the technology company’s stock, valued at approximately $3,610,000.

Several other large investors have also modified their holdings of FLEX. State of Alaska Department of Revenue acquired a new position in shares of Flex in the 4th quarter worth $1,697,000. One Wealth Advisors LLC acquired a new stake in Flex during the 4th quarter worth about $368,000. JPMorgan Chase & Co. lifted its stake in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in Flex during the fourth quarter valued at about $7,864,000. Finally, KBC Group NV lifted its stake in Flex by 872.7% during the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock valued at $3,998,000 after buying an additional 93,426 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Barclays increased 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. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Flex has a consensus rating of “Buy” and an average price target of $44.33.

Insider Buying and Selling at Flex

In related 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 completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % 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.

Flex Price Performance

NASDAQ FLEX opened at $32.92 on Tuesday. The firm has a market capitalization of $12.61 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company has a 50 day simple moving average of $40.58 and a 200-day simple moving average of $37.23. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 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%. Equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.