DekaBank Deutsche Girozentrale Has $31.38 Million Stock Position in Flex Ltd. (NASDAQ:FLEX)

DekaBank Deutsche Girozentrale cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 3.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,072,357 shares of the technology company’s stock after selling 41,899 shares during the period. DekaBank Deutsche Girozentrale owned about 0.27% of Flex worth $31,384,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Richardson Financial Services Inc. acquired a new position in Flex in the 4th quarter worth about $34,000. American Capital Advisory LLC bought a new position in Flex in the 2nd quarter valued at approximately $46,000. J.Safra Asset Management Corp boosted its position in Flex by 623.6% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock worth $87,000 after buying an additional 2,538 shares during the period. Blue Trust Inc. increased its position in Flex by 37.4% in the 2nd quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after acquiring an additional 1,170 shares during the period. Finally, Rothschild Investment LLC bought a new position in shares of Flex during the second quarter valued at $125,000. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays boosted their price objective on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $39.00 in a report on Thursday, July 25th. JPMorgan Chase & Co. raised their price target on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their price objective on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $38.40.

Flex Price Performance

Shares of FLEX opened at $29.80 on Friday. The firm has a market cap of $11.88 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.74 and a beta of 1.09. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $34.12. The business’s 50 day moving average price is $30.54 and its two-hundred day moving average price is $29.97. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The business had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. On average, equities analysts anticipate that Flex Ltd. will post 2.09 EPS for the current year.

Insider Activity

In other Flex news, CAO Daniel Wendler sold 1,275 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $31.30, for a total value of $39,907.50. Following the transaction, the chief accounting officer now owns 32,510 shares in the company, valued at $1,017,563. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Flex news, insider Kwang Hooi Tan sold 13,451 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $31.30, for a total transaction of $421,016.30. Following the transaction, the insider now owns 183,496 shares in the company, valued at $5,743,424.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Daniel Wendler sold 1,275 shares of Flex stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $31.30, for a total transaction of $39,907.50. Following the transaction, the chief accounting officer now owns 32,510 shares of the company’s stock, valued at $1,017,563. The disclosure for this sale can be found here. Insiders sold a total of 94,856 shares of company stock worth $2,996,246 in the last three months. Company insiders own 0.82% of the company’s stock.

About Flex

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.