HighTower Advisors LLC Has $5.74 Million Stake in Flex Ltd. (NASDAQ:FLEX)

HighTower Advisors LLC lifted its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 23.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,462 shares of the technology company’s stock after purchasing an additional 28,425 shares during the quarter. HighTower Advisors LLC’s holdings in Flex were worth $5,738,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FLEX. Geode Capital Management LLC raised its holdings in Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after buying an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after acquiring an additional 2,170,262 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after acquiring an additional 1,327,298 shares during the period. Principal Financial Group Inc. bought a new stake in Flex in the 4th quarter valued at $33,363,000. Finally, Raymond James Financial Inc. acquired a new position in Flex in the 4th quarter worth $32,293,000. Institutional investors own 94.30% of the company’s stock.

Flex Stock Up 3.3 %

FLEX stock opened at $35.95 on Thursday. The company has a market cap of $13.77 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 2.43 and a beta of 1.07. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The business has a 50 day moving average price of $39.86 and a two-hundred day moving average price of $37.30. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on FLEX. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus assumed coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, Barclays upped their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has a consensus rating of “Buy” and a consensus target price of $44.33.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company 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.