Geode Capital Management LLC Increases Stock Position in Flex Ltd. (NASDAQ:FLEX)

Geode Capital Management LLC increased its holdings in Flex Ltd. (NASDAQ:FLEX) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,598,271 shares of the technology company’s stock after buying an additional 132,457 shares during the period. Geode Capital Management LLC owned about 1.20% of Flex worth $176,607,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FLEX. United Services Automobile Association bought a new position in shares of Flex in the 4th quarter worth $982,000. Brandywine Global Investment Management LLC lifted its position in shares of Flex by 219.2% during the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after buying an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC bought a new stake in shares of Flex in the 4th quarter valued at about $7,864,000. Raymond James Financial Inc. bought a new position in shares of Flex during the 4th quarter worth approximately $32,293,000. Finally, American Century Companies Inc. lifted its position in Flex by 19.7% during the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock valued at $26,637,000 after acquiring an additional 114,350 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Barclays raised their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $44.33.

Flex Stock Down 9.0 %

NASDAQ:FLEX opened at $26.68 on Monday. The firm has a market capitalization of $10.22 billion, a P/E ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. The company’s fifty day moving average price is $37.83 and its 200-day moving average price is $37.67. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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%. As a group, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s 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 transaction, the director now directly owns 202,850 shares in the company, 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. Company insiders own 0.82% of the company’s stock.

Flex Company 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.