CIBC Asset Management Inc Increases Holdings in Flex Ltd. (NASDAQ:FLEX)

CIBC Asset Management Inc increased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 12.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,946 shares of the technology company’s stock after buying an additional 1,814 shares during the quarter. CIBC Asset Management Inc’s holdings in Flex were worth $651,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new position in Flex during the fourth quarter worth approximately $33,363,000. Allworth Financial LP increased its stake in Flex by 55.0% during the fourth quarter. Allworth Financial LP now owns 9,223 shares of the technology company’s stock worth $354,000 after acquiring an additional 3,273 shares during the last quarter. Principal Securities Inc. increased its stake in Flex by 15.3% during the fourth quarter. Principal Securities Inc. now owns 6,498 shares of the technology company’s stock worth $249,000 after acquiring an additional 860 shares during the last quarter. Seascape Capital Management increased its stake in Flex by 0.8% during the fourth quarter. Seascape Capital Management now owns 104,463 shares of the technology company’s stock worth $4,010,000 after acquiring an additional 823 shares during the last quarter. Finally, New Mexico Educational Retirement Board acquired a new stake in Flex during the fourth quarter worth $3,136,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the subject of several recent analyst reports. Craig Hallum raised their target price on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays raised their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $44.33.

Flex Trading Down 3.2 %

Shares of NASDAQ FLEX opened at $40.35 on Friday. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $41.01 and a 200-day simple moving average of $36.72. The stock has a market capitalization of $15.46 billion, a PE ratio of 16.27, a PEG ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, equities analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value 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 trade 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 company 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.