Pictet Asset Management Ltd. Purchases 1,700 Shares of Flex Ltd (NASDAQ:FLEX)

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Pictet Asset Management Ltd. raised its position in shares of Flex Ltd (NASDAQ:FLEX) by 1.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 177,098 shares of the technology company’s stock after purchasing an additional 1,700 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Flex were worth $1,853,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Iridian Asset Management LLC CT raised its stake in shares of Flex by 46.7% during the second quarter. Iridian Asset Management LLC CT now owns 16,315,248 shares of the technology company’s stock valued at $156,137,000 after acquiring an additional 5,190,929 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Flex by 157.9% during the 2nd quarter. Renaissance Technologies LLC now owns 4,708,854 shares of the technology company’s stock valued at $45,064,000 after purchasing an additional 2,883,300 shares during the period. Morgan Stanley raised its position in Flex by 409.8% during the 2nd quarter. Morgan Stanley now owns 3,470,203 shares of the technology company’s stock valued at $33,211,000 after purchasing an additional 2,789,455 shares during the last quarter. JPMorgan Chase & Co. raised its position in Flex by 402.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,353,562 shares of the technology company’s stock valued at $31,659,000 after purchasing an additional 2,686,617 shares during the last quarter. Finally, KCL Capital L.P. bought a new position in Flex during the 2nd quarter valued at approximately $23,925,000. 93.71% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:FLEX opened at $11.45 on Friday. The company has a 50-day moving average price of $11.58 and a 200-day moving average price of $10.35. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of 63.61, a P/E/G ratio of 2.21 and a beta of 1.84. The company has a current ratio of 1.26, a quick ratio of 0.76 and a debt-to-equity ratio of 1.24. Flex Ltd has a 12 month low of $7.16 and a 12 month high of $12.54.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.39. Flex had a negative net margin of 0.71% and a negative return on equity of 6.13%. The company had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $6.29 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. Flex’s quarterly revenue was down 8.6% on a year-over-year basis. Equities analysts forecast that Flex Ltd will post 0.35 EPS for the current fiscal year.

In other news, CFO Christopher Collier sold 35,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $11.72, for a total value of $410,200.00. Following the completion of the transaction, the chief financial officer now owns 1,214,143 shares of the company’s stock, valued at approximately $14,229,755.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 48,262 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $11.39, for a total value of $549,704.18. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. BidaskClub upgraded Flex from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Zacks Investment Research upgraded Flex from a “strong sell” rating to a “hold” rating and set a $8.75 target price for the company in a report on Wednesday, September 25th. Finally, ValuEngine downgraded Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $10.58.

About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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