Oppenheimer Asset Management Inc. Grows Holdings in Flex Ltd. (NASDAQ:FLEX)

Oppenheimer Asset Management Inc. boosted its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,413 shares of the technology company’s stock after acquiring an additional 4,131 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Flex were worth $7,348,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new position in shares of Flex during the third quarter valued at approximately $29,000. Huntington National Bank raised its stake in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the last quarter. R Squared Ltd bought a new stake in Flex in the fourth quarter worth $35,000. First Horizon Advisors Inc. grew its stake in shares of Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares during the last quarter. Finally, UMB Bank n.a. bought a new position in shares of Flex during the fourth quarter valued at $64,000. Institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was 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 owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FLEX shares. Barclays upped their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Stifel Nicolaus started coverage on shares of Flex in a report 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $44.33.

Flex Stock Performance

Shares of FLEX stock opened at $37.89 on Friday. The firm has a market capitalization of $14.52 billion, a PE ratio of 15.28, a P/E/G ratio of 2.43 and a beta of 1.10. The company has a 50 day moving average price of $41.09 and a 200-day moving average price of $36.94. Flex Ltd. has a 52 week low of $25.27 and a 52 week high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last posted 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 net margin of 3.95% and a return on equity of 17.93%. As a group, equities research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

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.