Flex Ltd. (NASDAQ:FLEX) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 28.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,872 shares of the technology company’s stock after buying an additional 641 shares during the period. Fifth Third Bancorp’s holdings in Flex were worth $95,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. CX Institutional purchased a new stake in Flex during the 1st quarter valued at about $29,000. Assenagon Asset Management S.A. grew its position in Flex by 10.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 65,080 shares of the technology company’s stock worth $2,153,000 after purchasing an additional 6,177 shares during the last quarter. Avanza Fonder AB acquired a new stake in shares of Flex in the 1st quarter worth $559,000. GAMMA Investing LLC lifted its stake in shares of Flex by 231.2% in the first quarter. GAMMA Investing LLC now owns 1,636 shares of the technology company’s stock valued at $54,000 after purchasing an additional 1,142 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Flex by 142.9% during the first quarter. Farther Finance Advisors LLC now owns 14,940 shares of the technology company’s stock worth $498,000 after acquiring an additional 8,790 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Up 2.0%

FLEX opened at $46.18 on Friday. The firm’s 50-day simple moving average is $39.11 and its 200-day simple moving average is $38.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $46.90. The firm has a market cap of $17.24 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 1.71 and a beta of 1.04.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FLEX. Wall Street Zen raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 28th. KeyCorp restated an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. The Goldman Sachs Group lowered their price objective on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. decreased their price target on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Bank of America raised their price target on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $46.00.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 87,093 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the transaction, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Revathi Advaithi sold 120,280 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the sale, the chief executive officer now directly owns 1,112,193 shares of the company’s stock, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,074,948 shares of company stock worth $44,837,670 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

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.