Norges Bank Acquires New Position in Flex Ltd. (NASDAQ:FLEX)

Norges Bank bought a new position in Flex Ltd. (NASDAQ:FLEXFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,416,939 shares of the technology company’s stock, valued at approximately $165,000,000. Norges Bank owned approximately 1.29% of Flex as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. FMR LLC increased its holdings in shares of Flex by 0.6% in the 3rd quarter. FMR LLC now owns 44,662,657 shares of the technology company’s stock worth $1,204,998,000 after purchasing an additional 247,024 shares in the last quarter. Boston Partners raised its position in Flex by 7.5% in the 4th quarter. Boston Partners now owns 8,967,046 shares of the technology company’s stock worth $272,891,000 after buying an additional 624,414 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Flex by 0.7% during the 4th quarter. LSV Asset Management now owns 7,047,273 shares of the technology company’s stock valued at $214,660,000 after acquiring an additional 51,068 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Flex by 5.7% in the third quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock worth $150,583,000 after acquiring an additional 302,086 shares during the period. Finally, Earnest Partners LLC raised its holdings in shares of Flex by 3.2% during the third quarter. Earnest Partners LLC now owns 4,425,891 shares of the technology company’s stock valued at $119,411,000 after purchasing an additional 138,979 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the subject of a number of research analyst reports. Barclays lifted their target price on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price objective on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group boosted their price objective on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Craig Hallum downgraded Flex from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $28.00 to $27.00 in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.83.

View Our Latest Report on Flex

Insider Buying and Selling

In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the sale, the insider now owns 161,913 shares in the company, valued at approximately $4,531,944.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of Flex stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the sale, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Revathi Advaithi sold 161,052 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $4,614,139.80. Following the transaction, the chief executive officer now owns 1,903,404 shares of the company’s stock, valued at $54,532,524.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 320,451 shares of company stock worth $9,259,452. 0.56% of the stock is owned by insiders.

Flex Price Performance

NASDAQ:FLEX opened at $31.37 on Thursday. The stock has a market cap of $12.60 billion, a PE ratio of 13.64, a P/E/G ratio of 1.99 and a beta of 1.18. The company has a quick ratio of 0.86, a current ratio of 1.52 and a debt-to-equity ratio of 0.61. The business’s 50-day simple moving average is $28.51 and its two-hundred day simple moving average is $27.23. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $31.39.

Flex (NASDAQ:FLEXGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Flex had a return on equity of 16.46% and a net margin of 3.58%. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.10 billion. As a group, analysts forecast that Flex Ltd. will post 2.06 EPS for the current fiscal year.

Flex Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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