Zurcher Kantonalbank Zurich Cantonalbank Buys 11,526 Shares of Flex Ltd. (NASDAQ:FLEX)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Flex Ltd. (NASDAQ:FLEX) by 13.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,139 shares of the technology company’s stock after purchasing an additional 11,526 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Flex were worth $2,898,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC bought a new stake in Flex during the third quarter worth $30,000. Fifth Third Bancorp lifted its holdings in Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after acquiring an additional 1,455 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Flex in the fourth quarter valued at $75,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Flex in the fourth quarter valued at $77,000. Finally, Optimum Investment Advisors bought a new stake in shares of Flex in the fourth quarter valued at $79,000. 94.30% of the stock is currently owned by institutional investors.

Insider Transactions at Flex

In other news, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the transaction, the insider now directly owns 161,913 shares in the company, valued at approximately $4,531,944.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the transaction, the insider now directly owns 154,810 shares in the company, valued at approximately $4,723,253.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the sale, the insider now directly owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The disclosure for this sale can be found here. In the last three months, insiders sold 141,943 shares of company stock worth $4,055,311. 0.56% of the stock is currently owned by corporate insiders.

Flex Price Performance

Flex stock opened at $27.63 on Tuesday. Flex Ltd. has a 52 week low of $19.44 and a 52 week high of $30.93. The business has a 50-day simple moving average of $28.41 and a 200 day simple moving average of $26.73. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53. The stock has a market cap of $11.64 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 1.69 and a beta of 1.20.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $6.73 billion. On average, research analysts forecast that Flex Ltd. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FLEX. StockNews.com began coverage on Flex in a research note on Wednesday, March 6th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group lifted their price target on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.20.

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.