Swiss National Bank Sells 94,600 Shares of Flex Ltd. (NASDAQ:FLEX)

Swiss National Bank lessened its position in Flex Ltd. (NASDAQ:FLEX) by 9.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 880,214 shares of the technology company’s stock after selling 94,600 shares during the period. Swiss National Bank’s holdings in Flex were worth $26,811,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC purchased a new position in shares of Flex during the third quarter valued at approximately $30,000. CWM LLC lifted its position in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the period. Fifth Third Bancorp increased its position in shares of Flex by 276.6% during the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after buying an additional 1,455 shares during the period. Bruce G. Allen Investments LLC bought a new position in Flex in the fourth quarter worth about $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Flex in the fourth quarter worth about $77,000. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research reports. Barclays lifted their price target on Flex from $30.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. The Goldman Sachs Group upped their price target on Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Craig Hallum downgraded Flex from a “buy” rating to a “hold” rating and dropped their target price for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. StockNews.com assumed coverage on shares of Flex in a research note on Wednesday, March 6th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.83.

Flex Stock Performance

Shares of NASDAQ FLEX opened at $28.56 on Thursday. The firm’s 50-day moving average price is $28.52 and its 200-day moving average price is $26.93. Flex Ltd. has a 52-week low of $20.69 and a 52-week high of $30.93. The company has a market cap of $12.03 billion, a PE ratio of 12.42, a PEG ratio of 1.74 and a beta of 1.18. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 75,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP David Scott Offer sold 75,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the completion of the sale, the executive vice president now owns 162,094 shares of the company’s stock, valued at approximately $4,460,826.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rebecca Sidelinger sold 13,675 shares of the firm’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 transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,943 shares of company stock worth $4,055,311. 0.56% of the stock is owned by insiders.

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.