Sumitomo Mitsui Trust Holdings Inc. Has $4.12 Million Stake in Flex Ltd. (NASDAQ:FLEX)

Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,262 shares of the technology company’s stock after acquiring an additional 7,300 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Flex were worth $4,120,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FLEX. Timber Creek Capital Management LLC acquired a new position in Flex during the 3rd quarter worth about $2,142,000. Commonwealth Equity Services LLC lifted its holdings in Flex by 58.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 33,370 shares of the technology company’s stock worth $900,000 after buying an additional 12,248 shares during the period. Deltec Asset Management LLC lifted its holdings in Flex by 3.0% during the 3rd quarter. Deltec Asset Management LLC now owns 188,500 shares of the technology company’s stock worth $5,086,000 after buying an additional 5,500 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in Flex by 145.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 58,739 shares of the technology company’s stock worth $1,585,000 after buying an additional 34,810 shares during the period. Finally, Stratos Wealth Advisors LLC lifted its holdings in Flex by 3.1% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 14,952 shares of the technology company’s stock worth $403,000 after buying an additional 452 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on FLEX shares. StockNews.com started coverage on Flex in a report on Wednesday, March 6th. They set a “hold” rating on the stock. The Goldman Sachs Group lifted their price objective on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. lifted their price objective on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.20.

Flex Stock Performance

FLEX stock opened at $28.53 on Wednesday. The stock has a 50-day moving average price of $28.43 and a 200-day moving average price of $26.75. Flex Ltd. has a 1-year low of $19.44 and a 1-year high of $30.93. The company has a current ratio of 1.59, a quick ratio of 0.86 and a debt-to-equity ratio of 0.53. The firm has a market cap of $12.02 billion, a PE ratio of 16.98, a price-to-earnings-growth ratio of 1.69 and a beta of 1.20.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS 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. As a group, equities research analysts expect that Flex Ltd. will post 2.16 earnings per share for the current year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 75,000 shares of the business’s 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 filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP David Scott Offer sold 75,000 shares of the business’s 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Hartung sold 43,381 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the sale, the insider now directly owns 154,810 shares of the company’s stock, valued at $4,723,253.10. The disclosure for this sale can be found here. Insiders sold 141,943 shares of company stock valued at $4,055,311 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Flex Company 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.