Axa S.A. Buys 21,561 Shares of Flex Ltd. (NASDAQ:FLEX)

Axa S.A. lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 98.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,469 shares of the technology company’s stock after acquiring an additional 21,561 shares during the quarter. Axa S.A.’s holdings in Flex were worth $1,669,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Flex in the fourth quarter worth $229,484,000. Invesco Ltd. increased its stake in Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock worth $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in 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 valued at $75,148,000 after acquiring an additional 1,327,298 shares during the period. Neuberger Berman Group LLC lifted its position in shares of Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock valued at $47,528,000 after acquiring an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock worth $95,965,000 after acquiring an additional 1,177,923 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLEX has been the topic of a number of research analyst reports. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday. KeyCorp dropped their price objective on shares of Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $43.83.

Flex Trading Up 1.5 %

FLEX opened at $38.51 on Friday. The stock has a 50-day moving average of $33.48 and a 200 day moving average of $37.44. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The firm has a market cap of $14.75 billion, a P/E ratio of 15.53, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. As a group, research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction on 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

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.