abrdn plc Increases Holdings in Flex Ltd. (NASDAQ:FLEX)

abrdn plc grew its holdings in Flex Ltd. (NASDAQ:FLEX) by 106.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,524 shares of the technology company’s stock after acquiring an additional 75,387 shares during the period. abrdn plc’s holdings in Flex were worth $4,463,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FLEX. Commonwealth Equity Services LLC lifted its position in shares of Flex by 58.0% in the third quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock valued at $900,000 after acquiring an additional 12,248 shares in the last quarter. Deltec Asset Management LLC lifted its position in shares of Flex by 3.0% in the third quarter. Deltec Asset Management LLC now owns 188,500 shares of the technology company’s stock valued at $5,086,000 after acquiring an additional 5,500 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Flex by 145.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock valued at $1,585,000 after acquiring an additional 34,810 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in shares of Flex by 3.1% in the third quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company’s stock valued at $403,000 after acquiring an additional 452 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Flex by 3.2% in the third quarter. Bank of New York Mellon Corp now owns 463,264 shares of the technology company’s stock valued at $12,499,000 after acquiring an additional 14,205 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the transaction, the insider now owns 154,810 shares of the company’s stock, valued at $4,723,253.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $30.51, for a total transaction of $1,323,554.31. Following the transaction, the insider now owns 154,810 shares of the company’s stock, valued at $4,723,253.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Daniel Wendler sold 1,860 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $28.89, for a total value of $53,735.40. Following the transaction, the chief accounting officer now directly owns 28,730 shares in the company, valued at approximately $830,009.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 141,943 shares of company stock valued at $4,055,311. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. StockNews.com assumed coverage on Flex in a research report on Wednesday, March 6th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.20.

Flex Trading Up 0.9 %

Shares of NASDAQ FLEX opened at $28.97 on Friday. The business’s 50 day moving average is $28.46 and its two-hundred day moving average is $26.79. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86. Flex Ltd. has a 1-year low of $19.44 and a 1-year high of $30.93. The stock has a market capitalization of $12.20 billion, a P/E ratio of 17.24, a PEG ratio of 1.79 and a beta of 1.19.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.73 billion. As a group, research analysts expect that Flex Ltd. will post 2.16 EPS for the current 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.