PGGM Investments Acquires 1,385 Shares of Flex Ltd. (NASDAQ:FLEX)

PGGM Investments boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 0.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 242,418 shares of the technology company’s stock after acquiring an additional 1,385 shares during the quarter. PGGM Investments owned approximately 0.06% of Flex worth $9,306,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assetmark Inc. boosted its position in Flex by 15.2% in the 3rd quarter. Assetmark Inc. now owns 18,462 shares of the technology company’s stock valued at $617,000 after buying an additional 2,432 shares during the last quarter. Aigen Investment Management LP bought a new position in Flex in the third quarter valued at about $305,000. KBC Group NV increased its position in Flex by 10.3% in the third quarter. KBC Group NV now owns 10,706 shares of the technology company’s stock worth $358,000 after purchasing an additional 1,003 shares during the period. Huntington National Bank raised its holdings in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after purchasing an additional 479 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Flex by 5.5% during the 3rd quarter. CIBC Asset Management Inc now owns 15,132 shares of the technology company’s stock valued at $506,000 after purchasing an additional 786 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

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

Flex Stock Up 1.7 %

Flex stock opened at $34.30 on Thursday. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week 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 $13.14 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 2.43 and a beta of 1.07. The company’s 50 day simple moving average is $40.40 and its 200 day simple moving average is $37.21.

Flex (NASDAQ:FLEX) last announced its quarterly 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 net margin of 3.95% and a return on equity of 17.93%. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

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.