7,300 Shares in Flex Ltd. (NASDAQ:FLEX) Acquired by Prosperity Wealth Management Inc.

Prosperity Wealth Management Inc. purchased a new stake in Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 7,300 shares of the technology company’s stock, valued at approximately $222,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Troluce Capital Advisors LLC raised its holdings in Flex by 101.2% in the third quarter. Troluce Capital Advisors LLC now owns 550,692 shares of the technology company’s stock valued at $14,858,000 after buying an additional 48,097,992 shares during the period. Invesco Ltd. raised its stake in shares of Flex by 119.3% in the 1st quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after acquiring an additional 5,741,044 shares during the period. Norges Bank acquired a new position in shares of Flex during the 4th quarter valued at $103,178,000. Millennium Management LLC increased its holdings in Flex by 156.8% in the 4th quarter. Millennium Management LLC now owns 5,047,486 shares of the technology company’s stock valued at $108,319,000 after purchasing an additional 3,081,799 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in Flex by 580,549.0% in the second quarter. Point72 Asset Management L.P. now owns 2,525,823 shares of the technology company’s stock valued at $69,814,000 after purchasing an additional 2,525,388 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Trading Down 0.4 %

NASDAQ:FLEX opened at $28.08 on Thursday. The stock has a market cap of $11.83 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.75 and a beta of 1.19. Flex Ltd. has a one year low of $19.44 and a one year high of $30.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. The business’s 50-day simple moving average is $28.35 and its 200 day simple moving average is $26.71.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.73 billion. As a group, sell-side analysts predict that Flex Ltd. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other news, insider Rebecca Sidelinger sold 13,675 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the sale, the insider now owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Rebecca Sidelinger sold 13,675 shares of Flex stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $27.99, for a total value of $382,763.25. Following the completion of the transaction, the insider now directly owns 161,913 shares in the company, valued at $4,531,944.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 43,381 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $30.51, for a total value of $1,323,554.31. Following the sale, the insider now owns 154,810 shares in the company, valued at approximately $4,723,253.10. The disclosure for this sale can be found here. Insiders have sold 141,943 shares of company stock worth $4,055,311 in the last ninety days. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

FLEX has been the subject of several analyst reports. StockNews.com assumed coverage on Flex in a research report on Wednesday, March 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. upped their price target on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, The Goldman Sachs Group lifted their price objective on shares of Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and an average price target of $34.20.

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.