DNB Asset Management AS Purchases 35,770 Shares of Flex Ltd. $FLEX

DNB Asset Management AS boosted its position in Flex Ltd. (NASDAQ:FLEX) by 95.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,379 shares of the technology company’s stock after purchasing an additional 35,770 shares during the period. DNB Asset Management AS’s holdings in Flex were worth $4,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares in the last quarter. State Street Corp increased its holdings in Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after buying an additional 3,377,669 shares during the period. Qube Research & Technologies Ltd increased its holdings in Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after buying an additional 1,522,308 shares during the period. JPMorgan Chase & Co. grew its holdings in Flex by 80.9% in the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock worth $153,374,000 after purchasing an additional 1,183,464 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Flex by 1.1% in the third quarter. Legal & General Group Plc now owns 2,469,845 shares of the technology company’s stock worth $143,177,000 after purchasing an additional 26,738 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 22,216 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.38, for a total value of $3,163,114.08. Following the transaction, the insider directly owned 232,706 shares in the company, valued at approximately $33,132,680.28. This represents a 8.71% decrease in their position. The sale was disclosed in a legal filing 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, COO Kwang Hooi Tan sold 26,175 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the completion of the transaction, the chief operating officer owned 256,043 shares in the company, valued at approximately $36,452,841.91. This represents a 9.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 226,512 shares of company stock worth $30,720,858. 0.57% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Flex from $72.00 to $174.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. The Goldman Sachs Group boosted their target price on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. Raymond James Financial set a $80.00 price objective on shares of Flex and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Finally, Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $112.80.

Flex Stock Performance

Flex stock opened at $126.29 on Wednesday. The firm has a 50 day simple moving average of $86.45 and a 200-day simple moving average of $71.24. Flex Ltd. has a 1-year low of $40.15 and a 1-year high of $147.34. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The stock has a market cap of $46.43 billion, a price-to-earnings ratio of 54.20, a price-to-earnings-growth ratio of 0.68 and a beta of 1.46.

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

Flex Company 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.