abrdn plc Raises Position in Flex Ltd. (NASDAQ:FLEX)

abrdn plc boosted its stake in Flex Ltd. (NASDAQ:FLEX) by 106.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 146,524 shares of the technology company’s stock after buying an additional 75,387 shares during the quarter. abrdn plc’s holdings in Flex were worth $4,463,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Prosperity Wealth Management Inc. purchased a new position in Flex in the 4th quarter valued at about $222,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Flex by 13.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 95,139 shares of the technology company’s stock valued at $2,898,000 after buying an additional 11,526 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Flex by 21.8% in the 4th quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company’s stock valued at $6,150,000 after buying an additional 36,082 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Flex by 5.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 135,262 shares of the technology company’s stock valued at $4,120,000 after buying an additional 7,300 shares in the last quarter. Finally, Seascape Capital Management purchased a new position in Flex in the 4th quarter valued at about $2,310,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Finally, StockNews.com assumed coverage on shares of Flex in a research note on Wednesday, March 6th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Flex has an average rating of “Moderate Buy” and a consensus price target of $34.20.

Flex Trading Up 0.9 %

FLEX opened at $28.97 on Friday. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 1.79 and a beta of 1.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86. The company’s 50 day simple moving average is $28.46 and its two-hundred day simple moving average is $26.79. Flex Ltd. has a 1-year low of $19.44 and a 1-year high of $30.93.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.53 by $0.10. The firm had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. Flex had a net margin of 2.56% and a return on equity of 16.24%. Analysts expect that Flex Ltd. will post 2.16 EPS for the current fiscal year.

Insider Activity

In other news, insider Rebecca Sidelinger sold 13,675 shares of Flex stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Flex news, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the sale, the insider now owns 161,913 shares of the company’s stock, valued at $4,531,944.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were 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 in the company, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,943 shares of company stock valued at $4,055,311. 0.56% of the stock is currently owned by company insiders.

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.