SVB Wealth LLC Takes Position in Flex Ltd. (NASDAQ:FLEX)

SVB Wealth LLC bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,241 shares of the technology company’s stock, valued at approximately $585,000.

Several other institutional investors have also recently made changes to their positions in FLEX. State of Alaska Department of Revenue acquired a new position in Flex in the 4th quarter worth about $1,697,000. One Wealth Advisors LLC acquired a new position in Flex in the 4th quarter worth about $368,000. JPMorgan Chase & Co. raised its holdings 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 during the period. Robeco Institutional Asset Management B.V. raised its holdings in Flex by 113.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after purchasing an additional 257,975 shares during the period. Finally, KBC Group NV lifted its holdings in Flex by 872.7% during the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock valued at $3,998,000 after purchasing an additional 93,426 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flex

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

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Stifel Nicolaus began coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex has a consensus rating of “Buy” and an average target price of $44.33.

Flex Price Performance

FLEX stock opened at $36.07 on Tuesday. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm has a market capitalization of $13.82 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The business has a 50 day simple moving average of $41.03 and a 200-day simple moving average of $37.12.

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

Flex 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.