Allianz Asset Management GmbH Acquires 360,553 Shares of Flex Ltd. $FLEX

Allianz Asset Management GmbH grew its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 17.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,393,463 shares of the technology company’s stock after buying an additional 360,553 shares during the quarter. Allianz Asset Management GmbH’s holdings in Flex were worth $138,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FLEX. MTM Investment Management LLC purchased a new stake in Flex during the second quarter valued at approximately $26,000. Concord Wealth Partners bought a new position in shares of Flex during the 2nd quarter valued at approximately $28,000. CNB Bank purchased a new stake in Flex during the 2nd quarter valued at $30,000. Harbour Investments Inc. lifted its position in Flex by 74.7% in the second quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock worth $35,000 after buying an additional 301 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in Flex by 404.3% during the second quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company’s stock worth $35,000 after buying an additional 566 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FLEX. Jefferies Financial Group restated a “hold” rating and issued a $23.00 target price on shares of Flex in a report on Wednesday, November 12th. Argus set a $85.00 price objective on shares of Flex in a research note on Friday, October 31st. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price target on Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Barclays dropped their price objective on Flex from $78.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.11.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $62.21, for a total value of $933,150.00. Following the completion of the sale, the insider directly owned 211,198 shares of the company’s stock, valued at $13,138,627.58. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin Krumm sold 21,406 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the transaction, the chief financial officer directly owned 143,803 shares in the company, valued at $8,805,057.69. This trade represents a 12.96% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 86,406 shares of company stock worth $5,195,639. 0.57% of the stock is owned by company insiders.

Flex Stock Performance

Flex stock opened at $64.68 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The company has a market capitalization of $23.92 billion, a PE ratio of 28.62, a P/E/G ratio of 1.67 and a beta of 1.24. The company has a 50 day moving average price of $63.38 and a 200-day moving average price of $58.99. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $72.22.

Flex Profile

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.