Zurcher Kantonalbank Zurich Cantonalbank Purchases 16,157 Shares of Flex Ltd. (NASDAQ:FLEX)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Flex Ltd. (NASDAQ:FLEX) by 15.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. R Squared Ltd bought a new stake in shares of Flex in the 4th quarter worth approximately $35,000. SBI Securities Co. Ltd. bought a new stake in Flex in the fourth quarter valued at $38,000. Huntington National Bank increased its position in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares during the period. First Horizon Advisors Inc. raised its holdings in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after purchasing an additional 305 shares in the last quarter. Finally, UMB Bank n.a. purchased a new stake in shares of Flex in the 4th quarter worth about $64,000. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was 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 owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. The trade was 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 company insiders.

Analyst Upgrades and Downgrades

FLEX has been the topic of several research analyst reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Flex presently has a consensus rating of “Buy” and an average target price of $44.33.

Flex Stock Performance

Shares of FLEX opened at $34.49 on Friday. 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 stock has a market cap of $13.21 billion, a P/E ratio of 13.91, a P/E/G ratio of 2.43 and a beta of 1.07. The business’s 50 day moving average price is $40.19 and its 200-day moving average price is $37.20. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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.