Flex Ltd. (NASDAQ:FLEX) Stock Position Lifted by Fifth Third Bancorp

Fifth Third Bancorp lifted its holdings in Flex Ltd. (NASDAQ:FLEX) by 276.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,981 shares of the technology company’s stock after purchasing an additional 1,455 shares during the quarter. Fifth Third Bancorp’s holdings in Flex were worth $60,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC bought a new position in shares of Flex in the third quarter worth $30,000. Quarry LP bought a new position in shares of Flex in the first quarter worth $38,000. Farther Finance Advisors LLC boosted its stake in Flex by 76.9% during the second quarter. Farther Finance Advisors LLC now owns 2,337 shares of the technology company’s stock valued at $65,000 after buying an additional 1,016 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new position in Flex during the third quarter valued at about $65,000. Finally, Bruce G. Allen Investments LLC bought a new position in Flex during the fourth quarter valued at about $75,000. Institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, insider Kwang Hooi Tan sold 8,027 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total value of $231,257.87. Following the completion of the sale, the insider now directly owns 159,718 shares of the company’s stock, valued at approximately $4,601,475.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP David Scott Offer sold 75,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total value of $2,064,000.00. Following the completion of the sale, the executive vice president now directly owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kwang Hooi Tan sold 8,027 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total value of $231,257.87. Following the completion of the sale, the insider now directly owns 159,718 shares of the company’s stock, valued at $4,601,475.58. The disclosure for this sale can be found here. Insiders sold 141,943 shares of company stock worth $4,055,311 in the last quarter. 0.56% of the stock is owned by company insiders.

Flex Trading Down 1.3 %

NASDAQ:FLEX opened at $28.45 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 1-year low of $19.44 and a 1-year high of $30.93. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. The stock has a fifty day simple moving average of $27.98 and a 200 day simple moving average of $26.62.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The business had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.73 billion. Sell-side analysts forecast that Flex Ltd. will post 2.16 earnings per share for the current year.

Analysts Set New Price Targets

FLEX has been the subject of several research reports. The Goldman Sachs Group raised their target price on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. StockNews.com initiated coverage on Flex in a research note on Wednesday, March 6th. They set a “hold” rating for the company.

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.