Norges Bank Makes New Investment in Flex Ltd. $FLEX

Norges Bank bought a new position in Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, Holdings Channel reports. The institutional investor bought 5,292,218 shares of the technology company’s stock, valued at approximately $319,756,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Flex by 5.3% in the 3rd quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after purchasing an additional 181 shares in the last quarter. Parcion Private Wealth LLC lifted its stake in Flex by 1.5% in the 4th quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company’s stock worth $855,000 after purchasing an additional 216 shares in the last quarter. US Bancorp DE lifted its stake in Flex by 1.2% in the 3rd quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock worth $1,144,000 after purchasing an additional 225 shares in the last quarter. Tower Wealth Partners Inc. lifted its stake in Flex by 3.7% in the 3rd quarter. Tower Wealth Partners Inc. now owns 6,980 shares of the technology company’s stock worth $405,000 after purchasing an additional 249 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its stake in Flex by 3.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 8,063 shares of the technology company’s stock worth $403,000 after purchasing an additional 257 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

FLEX stock opened at $148.01 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. Flex Ltd. has a 52 week low of $41.43 and a 52 week high of $154.25. The firm’s fifty day moving average is $100.23 and its 200 day moving average is $76.11. The firm has a market cap of $54.23 billion, a P/E ratio of 63.52, a P/E/G ratio of 0.79 and a beta of 1.46.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion for the quarter. Research analysts predict that Flex Ltd. will post 4.15 earnings per share for the current year.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 26,175 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the transaction, the chief operating officer owned 256,043 shares of the company’s stock, valued at approximately $36,452,841.91. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 22,212 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.40, for a total transaction of $3,162,988.80. Following the transaction, the executive vice president directly owned 74,926 shares in the company, valued at approximately $10,669,462.40. This represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 329,512 shares of company stock worth $44,459,298 in the last 90 days. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Stifel Nicolaus increased their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Barclays increased their price target on shares of Flex from $72.00 to $174.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. Finally, KeyCorp increased their price target on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.80.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.