Swiss National Bank Purchases 60,500 Shares of Flex Ltd. $FLEX

Swiss National Bank increased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 5.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,085,250 shares of the technology company’s stock after purchasing an additional 60,500 shares during the period. Swiss National Bank’s holdings in Flex were worth $71,040,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank purchased a new stake in shares of Flex in the 4th quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Flex during the fourth quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC increased its holdings in Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after buying an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock worth $20,566,000 after buying an additional 130,641 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the transaction, the insider owned 253,199 shares in the company, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 769,195 shares of company stock valued at $110,116,823. Company insiders own 0.62% of the company’s stock.

Flex Stock Up 6.2%

Flex stock opened at $127.39 on Wednesday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The business has a fifty day moving average price of $142.41 and a 200-day moving average price of $96.90. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The stock has a market capitalization of $46.67 billion, a price-to-earnings ratio of 54.67, a PEG ratio of 0.63 and a beta of 1.64.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Equities research analysts forecast that Flex Ltd. will post 4.18 EPS for the current fiscal year.

Analysts Set New Price Targets

FLEX has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Robert W. Baird set a $165.00 price target on Flex in a research report on Thursday, May 7th. The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. KeyCorp lifted their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Flex has an average rating of “Moderate Buy” and an average price target of $115.70.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.