Norges Bank Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Norges Bank bought a new stake in Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,977,697 shares of the technology company’s stock, valued at approximately $229,484,000. Norges Bank owned 1.56% of Flex as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. R Squared Ltd acquired a new stake in Flex during the 4th quarter worth $35,000. SBI Securities Co. Ltd. purchased a new position in shares of Flex in the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after acquiring an additional 509 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Flex by 82.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock valued at $60,000 after acquiring an additional 704 shares in the last quarter. Finally, UMB Bank n.a. acquired a new stake in Flex in the 4th quarter valued at about $64,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of Flex stock opened at $33.18 on Monday. The firm has a market cap of $12.71 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The business’s fifty day simple moving average is $39.09 and its 200-day simple moving average is $37.63.

Flex (NASDAQ:FLEX) last posted its earnings results 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 net margin of 3.95% and a return on equity of 17.93%. Equities analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated 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 owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 approximately $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. 0.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FLEX has been the subject of a number of analyst reports. Barclays upped their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flex has an average rating of “Buy” and a consensus price target of $44.33.

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.