Comerica Bank Raises Position in Flex Ltd. (NASDAQ:FLEX)

Comerica Bank increased its holdings in Flex Ltd. (NASDAQ:FLEXGet Rating) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,698 shares of the technology company’s stock after purchasing an additional 947 shares during the quarter. Comerica Bank’s holdings in Flex were worth $329,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Counterpoint Mutual Funds LLC grew its holdings in Flex by 237.4% in the 1st quarter. Counterpoint Mutual Funds LLC now owns 5,189 shares of the technology company’s stock worth $96,000 after acquiring an additional 3,651 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Flex in the 1st quarter worth $2,093,000. Sciencast Management LP bought a new stake in Flex in the 1st quarter worth $1,177,000. Bailard Inc. grew its holdings in Flex by 26.5% in the 1st quarter. Bailard Inc. now owns 37,277 shares of the technology company’s stock worth $691,000 after acquiring an additional 7,800 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Flex by 1.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,766,491 shares of the technology company’s stock worth $32,768,000 after acquiring an additional 23,899 shares during the last quarter. Hedge funds and other institutional investors own 95.95% of the company’s stock.

Flex Trading Up 2.4 %

Shares of FLEX opened at $16.80 on Monday. The firm’s 50-day moving average price is $15.51 and its 200-day moving average price is $16.35. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.56 and a beta of 1.51. The company has a current ratio of 1.34, a quick ratio of 0.72 and a debt-to-equity ratio of 0.79. Flex Ltd. has a 1-year low of $13.63 and a 1-year high of $19.50.

Flex (NASDAQ:FLEXGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The technology company reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. Flex had a net margin of 3.60% and a return on equity of 25.31%. The company had revenue of $6.85 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the company posted $0.47 EPS. Flex’s revenue was up 9.3% on a year-over-year basis. Sell-side analysts anticipate that Flex Ltd. will post 1.83 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a report on Friday. The Goldman Sachs Group cut their target price on shares of Flex from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, June 1st. Finally, Argus raised shares of Flex from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Wednesday, May 18th.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 12,984 shares of Flex stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $17.48, for a total transaction of $226,960.32. Following the completion of the transaction, the executive vice president now directly owns 204,950 shares of the company’s stock, valued at approximately $3,582,526. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Flex news, EVP David Scott Offer sold 12,984 shares of Flex stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $17.48, for a total value of $226,960.32. Following the completion of the transaction, the executive vice president now directly owns 204,950 shares of the company’s stock, valued at $3,582,526. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Revathi Advaithi sold 417,739 shares of Flex stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $14.41, for a total transaction of $6,019,618.99. Following the completion of the transaction, the chief executive officer now directly owns 1,472,652 shares of the company’s stock, valued at $21,220,915.32. The disclosure for this sale can be found here. Insiders sold a total of 637,237 shares of company stock valued at $9,633,019 in the last three months. Company insiders own 0.54% of the company’s stock.

About Flex

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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The company provides cross-industry technologies, including human-machine interface, internet of things platforms, power, sensor fusion, and smart audio.

See Also

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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