UMB Bank n.a. Purchases 509 Shares of Flex Ltd. (NASDAQ:FLEX)

UMB Bank n.a. boosted its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 30.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,178 shares of the technology company’s stock after acquiring an additional 509 shares during the quarter. UMB Bank n.a.’s holdings in Flex were worth $72,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Boston Partners grew its position in shares of Flex by 2.2% in the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after purchasing an additional 569,916 shares during the last quarter. Vanguard Group Inc. raised its stake in Flex by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after acquiring an additional 817,215 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Flex by 12.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock valued at $326,833,000 after purchasing an additional 916,085 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Flex by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock valued at $246,006,000 after acquiring an additional 361,049 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Flex during the fourth quarter valued at about $229,484,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FLEX shares. KeyCorp reiterated an “overweight” rating on shares of Flex in a report on Tuesday, June 3rd. Wall Street Zen raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 28th. Bank of America boosted their target price on Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 9th. JPMorgan Chase & Co. lowered their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Barclays raised their target price on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $46.00.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $43.13 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $16.10 billion, a P/E ratio of 17.39, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. The company’s 50-day moving average is $37.88 and its 200 day moving average is $38.30. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. On average, equities research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the transaction, the chief executive officer now owns 1,463,695 shares of the company’s stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,074,948 shares of company stock valued at $44,837,670. Company insiders own 0.82% of the company’s stock.

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.