Geode Capital Management LLC Purchases 181,266 Shares of Flex Ltd. $FLEX

Geode Capital Management LLC increased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 2.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,605,802 shares of the technology company’s stock after buying an additional 181,266 shares during the period. Geode Capital Management LLC’s holdings in Flex were worth $459,829,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FLEX. Vanguard Group Inc. boosted its holdings in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. State Street Corp boosted its holdings in Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the period. Qube Research & Technologies Ltd boosted its holdings in Flex by 118.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock valued at $162,968,000 after purchasing an additional 1,522,308 shares during the period. JPMorgan Chase & Co. boosted its holdings in Flex by 80.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock valued at $153,374,000 after purchasing an additional 1,183,464 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Flex by 1.1% in the 3rd quarter. Legal & General Group Plc now owns 2,469,845 shares of the technology company’s stock valued at $143,177,000 after purchasing an additional 26,738 shares during the period. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FLEX has been the subject of a number of research reports. Stifel Nicolaus increased their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Barclays increased their price target on shares of Flex from $72.00 to $174.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Raymond James Financial set a $80.00 price target on shares of Flex and gave the company an “outperform” rating in a report on Wednesday, February 4th. Finally, Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $112.80.

Flex Price Performance

NASDAQ:FLEX opened at $150.65 on Monday. The company has a 50-day moving average of $98.58 and a 200-day moving average of $75.50. The company has a market capitalization of $55.19 billion, a price-to-earnings ratio of 64.66, a PEG ratio of 0.79 and a beta of 1.63. Flex Ltd. has a 52 week low of $41.43 and a 52 week high of $154.25. 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 (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, equities research analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Insider Activity at Flex

In other news, CEO Revathi Advaithi sold 114,090 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the completion of the transaction, the chief executive officer directly owned 689,022 shares of the company’s stock, valued at approximately $98,096,062.14. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,216 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the transaction, the insider directly owned 232,706 shares of the company’s stock, valued at $33,132,680.28. The trade was a 8.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 329,512 shares of company stock worth $44,459,298 in the last ninety days. Company insiders own 0.57% of the company’s stock.

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.