Flex Ltd. $FLEX Shares Purchased by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. increased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 45.1% in the 2nd quarter, Holdings Channel reports. The firm owned 1,143 shares of the technology company’s stock after purchasing an additional 355 shares during the period. Cullen Frost Bankers Inc.’s holdings in Flex were worth $57,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FLEX. Invesco Ltd. raised its position in shares of Flex by 55.0% during the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company’s stock worth $276,652,000 after purchasing an additional 2,968,285 shares during the last quarter. Pacer Advisors Inc. grew its stake in Flex by 3,794.6% during the 1st quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company’s stock valued at $95,936,000 after acquiring an additional 2,825,667 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in Flex by 73.6% during the 1st quarter. Alyeska Investment Group L.P. now owns 2,777,753 shares of the technology company’s stock valued at $91,888,000 after acquiring an additional 1,177,970 shares in the last quarter. Wellington Management Group LLP grew its stake in Flex by 4.8% during the 1st quarter. Wellington Management Group LLP now owns 21,742,194 shares of the technology company’s stock valued at $719,232,000 after acquiring an additional 996,276 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in Flex by 16.7% during the 1st 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. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Flex stock opened at $64.28 on Monday. The firm has a 50 day simple moving average of $57.07 and a 200-day simple moving average of $48.57. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $65.59. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The stock has a market cap of $24.13 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.09. Flex had a net margin of 3.42% and a return on equity of 20.25%. The business had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the prior year, the company posted $0.51 EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLEX shares. The Goldman Sachs Group set a $66.00 price objective on shares of Flex in a research note on Monday, September 29th. Barclays upped their price objective on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research note on Saturday. Stifel Nicolaus upped their price objective on shares of Flex from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Finally, Bank of America upped their price objective on shares of Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.71.

Insider Activity at Flex

In related news, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $51.79, for a total transaction of $517,900.00. Following the completion of the transaction, the director owned 111,355 shares of the company’s stock, valued at approximately $5,767,075.45. This trade represents a 8.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total transaction of $566,600.00. Following the transaction, the chief accounting officer directly owned 37,619 shares of the company’s stock, valued at $2,131,492.54. The trade was a 21.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,520 shares of company stock worth $4,295,542. Company insiders own 0.57% of the company’s stock.

Flex Company 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.