5,977,697 Shares in Flex Ltd. (NASDAQ:FLEX) Bought by Norges Bank

Norges Bank purchased a new stake in Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 5,977,697 shares of the technology company’s stock, valued at approximately $229,484,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. R Squared Ltd acquired a new stake in Flex in the fourth quarter valued at approximately $35,000. SBI Securities Co. Ltd. purchased a new stake in shares of Flex in the 4th quarter valued at approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Flex by 82.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock worth $60,000 after purchasing an additional 704 shares during the last quarter. Finally, UMB Bank n.a. acquired a new position in shares of Flex during the fourth quarter worth $64,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Down 3.7 %

Flex stock opened at $33.18 on Monday. The stock has a 50-day simple moving average of $39.09 and a 200-day simple moving average of $37.63. The company has a market capitalization of $12.71 billion, a P/E ratio of 13.38, a PEG ratio of 2.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10.

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

Wall Street Analyst Weigh In

FLEX has been the topic of a number of analyst reports. Barclays raised their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. Finally, StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $44.33.

Insiders Place Their Bets

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