Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Flex Ltd. (NASDAQ:FLEX)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Flex Ltd. (NASDAQ:FLEX) by 15.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 118,280 shares of the technology company’s stock after purchasing an additional 16,157 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Flex were worth $4,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mutual of America Capital Management LLC bought a new stake in shares of Flex during the fourth quarter valued at about $7,864,000. State of Alaska Department of Revenue purchased a new position in Flex during the fourth quarter valued at approximately $1,697,000. One Wealth Advisors LLC bought a new stake in Flex during the 4th quarter worth approximately $368,000. JPMorgan Chase & Co. lifted its stake in Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after purchasing an additional 296,505 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in Flex in the 4th quarter valued at $585,000. 94.30% of the stock is currently owned by institutional investors.

Flex Trading Up 2.6 %

NASDAQ FLEX opened at $34.49 on Friday. The stock’s 50-day simple moving average is $40.19 and its two-hundred day simple moving average is $37.20. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $13.21 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FLEX shares. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $44.33.

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.