Flex Ltd. (NASDAQ:FLEX) Shares Bought by Man Group plc

Man Group plc increased its position in Flex Ltd. (NASDAQ:FLEX) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 267,192 shares of the technology company’s stock after buying an additional 5,821 shares during the quarter. Man Group plc’s holdings in Flex were worth $10,258,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. United Services Automobile Association acquired a new stake in Flex in the 4th quarter valued at about $982,000. Brandywine Global Investment Management LLC lifted its stake in Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after purchasing an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC bought a new stake in Flex during the fourth quarter worth approximately $7,864,000. Raymond James Financial Inc. acquired a new position in Flex in the fourth quarter worth approximately $32,293,000. Finally, American Century Companies Inc. increased its holdings in shares of Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock valued at $26,637,000 after buying an additional 114,350 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Stock Up 0.2%

Shares of Flex stock opened at $42.02 on Monday. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The company has a market cap of $16.10 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.43 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average price of $34.29 and a 200 day moving average price of $37.74.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FLEX shares. Barclays raised their price objective on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. JPMorgan Chase & Co. cut their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. Finally, KeyCorp boosted their price target on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Flex has an average rating of “Moderate Buy” and a consensus price target of $45.33.

Insider Activity

In related news, Director Erin Mcsweeney sold 14,000 shares of Flex stock in a transaction on Friday, May 16th. The stock was sold at an average price of $41.94, for a total transaction of $587,160.00. Following the completion of the sale, the director now owns 22,299 shares of the company’s stock, valued at approximately $935,220.06. This trade represents a 38.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were 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 owns 71,001 shares in the company, valued at $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 489,255 shares of company stock worth $19,589,788 in the last ninety days. Corporate insiders own 0.82% of the company’s stock.

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.