Avanza Fonder AB Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Avanza Fonder AB bought a new position in Flex Ltd. (NASDAQ:FLEX) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,424 shares of the technology company’s stock, valued at approximately $559,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FLEX. Brighton Jones LLC bought a new position in Flex in the 4th quarter valued at $260,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Flex during the 4th quarter worth about $215,000. Louisiana State Employees Retirement System acquired a new stake in shares of Flex in the fourth quarter valued at about $4,131,000. Asset Management One Co. Ltd. acquired a new stake in shares of Flex in the fourth quarter worth approximately $1,219,000. Finally, Figure 8 Investment Strategies LLC acquired a new stake in Flex in the 4th quarter valued at about $2,734,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the transaction, the executive vice president now directly owns 71,001 shares in the company, valued at $2,586,566.43. The trade was a 55.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the completion of the sale, the chief executive officer now directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 891,134 shares of company stock valued at $36,818,451. 0.82% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FLEX has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Bank of America raised their target price on Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday. KeyCorp restated an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. Barclays lifted their price objective on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Finally, Wall Street Zen upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 28th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $46.00.

Flex Trading Down 0.2%

Shares of FLEX opened at $43.57 on Friday. The company has a market capitalization of $16.27 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a fifty day moving average of $37.58 and a two-hundred day moving average of $38.28.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. As a group, analysts forecast that Flex Ltd. will post 2.33 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.