Sumitomo Mitsui Trust Group Inc. Purchases 4,200 Shares of Flex Ltd. (NASDAQ:FLEX)

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,253 shares of the technology company’s stock after acquiring an additional 4,200 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Flex were worth $3,713,000 at the end of the most recent reporting period.

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

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 1,245 shares of the business’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $56,037.45. Following the sale, the chief accounting officer owned 47,619 shares in the company, valued at approximately $2,143,331.19. The trade was a 2.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Kwang Hooi Tan sold 8,509 shares of the business’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $382,990.09. Following the sale, the chief operating officer owned 276,136 shares in the company, valued at approximately $12,428,881.36. This trade represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last ninety days. Insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of FLEX stock opened at $51.65 on Friday. The firm has a market cap of $19.30 billion, a P/E ratio of 24.36, a P/E/G ratio of 1.92 and a beta of 1.07. The business’s 50 day moving average price is $42.94 and its 200-day moving average price is $39.30. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.17. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30.

Flex (NASDAQ:FLEX) last announced its earnings results 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 firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. On average, equities research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

FLEX has been the topic of several recent research reports. KeyCorp raised their price target on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group cut their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Bank of America raised their target price on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. cut their price target 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. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $48.29.

Flex Company Profile

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.