Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Stake in Flex Ltd. $FLEX

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 49.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 130,100 shares of the technology company’s stock after purchasing an additional 43,200 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Flex were worth $8,516,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. State Street Corp grew its stake in shares of Flex by 17.8% during the fourth quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after buying an additional 2,126,440 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Flex by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after buying an additional 181,266 shares during the last quarter. Norges Bank purchased a new stake in shares of Flex in the fourth quarter worth approximately $319,756,000. Finally, Polar Capital Holdings Plc lifted its stake in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after acquiring an additional 2,165,780 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Price Performance

Shares of NASDAQ FLEX opened at $136.85 on Friday. The stock has a 50 day moving average price of $137.84 and a 200 day moving average price of $91.11. The firm has a market capitalization of $50.14 billion, a price-to-earnings ratio of 58.73, a PEG ratio of 0.72 and a beta of 1.64. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. Sell-side analysts expect that Flex Ltd. will post 4.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Insider Transactions at Flex

In other news, EVP David Scott Offer sold 6,657 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the sale, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. The trade was a 6.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.