68,306 Shares in Flex Ltd. $FLEX Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 68,306 shares of the technology company’s stock, valued at approximately $4,661,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FLEX. Vanguard Group Inc. grew its position in shares of Flex by 196.1% in the fourth 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 in the last quarter. Norges Bank purchased a new position in Flex during the fourth quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Flex in the 4th quarter valued at $2,497,000. Sequoia Financial Advisors LLC increased its stake in shares of Flex by 12.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after acquiring an additional 19,270 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of Flex by 62.3% during the 4th quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock worth $20,566,000 after acquiring an additional 130,641 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,627 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FLEX. Barclays boosted their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. KeyCorp lifted their price target on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Robert W. Baird set a $165.00 target price on Flex in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group upped their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Price Performance

Shares of NASDAQ FLEX opened at $118.51 on Friday. The company’s fifty day moving average is $141.37 and its two-hundred day moving average is $97.96. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a market capitalization of $43.42 billion, a P/E ratio of 50.86, a PEG ratio of 0.67 and a beta of 1.64. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion during the quarter. Analysts forecast that Flex Ltd. will post 4.18 EPS for the current fiscal year.

About Flex

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.