Prudential Financial Inc. Purchases 40,330 Shares of Flex Ltd. $FLEX

Prudential Financial Inc. boosted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 27.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 189,280 shares of the technology company’s stock after buying an additional 40,330 shares during the quarter. Prudential Financial Inc. owned approximately 0.05% of Flex worth $9,449,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Jump Financial LLC bought a new position in Flex during the 1st quarter valued at approximately $2,882,000. Benjamin Edwards Inc. purchased a new position in shares of Flex during the first quarter valued at approximately $258,000. American Century Companies Inc. raised its holdings in shares of Flex by 42.2% during the first quarter. American Century Companies Inc. now owns 986,492 shares of the technology company’s stock valued at $32,633,000 after acquiring an additional 292,646 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in Flex by 209.0% in the first quarter. Foundations Investment Advisors LLC now owns 18,734 shares of the technology company’s stock worth $620,000 after acquiring an additional 12,672 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in Flex by 16.7% in the first quarter. Voya Investment Management LLC now owns 4,813,888 shares of the technology company’s stock valued at $159,243,000 after acquiring an additional 690,611 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on FLEX. JPMorgan Chase & Co. upped their price objective on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Barclays raised their price objective on shares of Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a report on Tuesday. KeyCorp raised their target price on Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.75.

Flex Stock Performance

Shares of FLEX opened at $59.12 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The stock has a market cap of $21.86 billion, a P/E ratio of 26.16, a P/E/G ratio of 1.55 and a beta of 1.24. The business’s 50 day moving average price is $60.21 and its 200-day moving average price is $53.12. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $67.00.

Insider Transactions at Flex

In other news, COO Kwang Hooi Tan sold 12,500 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $64.88, for a total transaction of $811,000.00. Following the completion of the transaction, the chief operating officer directly owned 251,136 shares in the company, valued at $16,293,703.68. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $58.00, for a total transaction of $580,000.00. Following the completion of the transaction, the director owned 58,561 shares in the company, valued at approximately $3,396,538. The trade was a 14.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 152,500 shares of company stock valued at $9,011,950. 0.57% of the stock is currently owned by corporate 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.