77,671 Shares in Flex Ltd. (NASDAQ:FLEX) Purchased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the 4th quarter, Holdings Channel.com reports. The fund bought 77,671 shares of the technology company’s stock, valued at approximately $2,982,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLEX. State Street Corp raised its position in shares of Flex by 19.7% during the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after purchasing an additional 603,208 shares during the last quarter. MML Investors Services LLC raised its holdings in shares of Flex by 7.4% in the third quarter. MML Investors Services LLC now owns 57,390 shares of the technology company’s stock worth $1,919,000 after acquiring an additional 3,964 shares during the last quarter. Barclays PLC lifted its position in shares of Flex by 42.6% in the third quarter. Barclays PLC now owns 774,856 shares of the technology company’s stock valued at $25,902,000 after acquiring an additional 231,572 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after acquiring an additional 3,844,935 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Flex during the 3rd quarter worth about $75,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FLEX shares. Barclays raised their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. The Goldman Sachs Group cut their price target on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a report on Thursday. KeyCorp decreased their price objective on Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $43.67.

Insider Activity at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction 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 sale, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated 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 owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Flex Stock Up 0.6 %

Shares of NASDAQ FLEX opened at $29.59 on Monday. 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 capitalization of $11.34 billion, a PE ratio of 11.93, a P/E/G ratio of 2.43 and a beta of 0.99. The firm has a fifty day moving average of $36.20 and a 200-day moving average of $37.47. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly 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%. On average, analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

About Flex

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.