Allstate Corp Acquires New Holdings in Flex Ltd. $FLEX

Allstate Corp acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 31,855 shares of the technology company’s stock, valued at approximately $1,925,000.

A number of other institutional investors also recently modified their holdings of FLEX. Vanguard Group Inc. increased its position in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after acquiring an additional 25,662,586 shares during the period. State Street Corp increased its position in Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after acquiring an additional 3,377,669 shares during the period. Qube Research & Technologies Ltd increased its position in Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company’s stock worth $162,968,000 after acquiring an additional 1,522,308 shares during the period. JPMorgan Chase & Co. increased its position in Flex by 80.9% during the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock worth $153,374,000 after acquiring an additional 1,183,464 shares during the period. Finally, Junto Capital Management LP bought a new position in Flex during the third quarter worth $56,270,000. Institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $144.85 on Friday. The stock has a market capitalization of $53.07 billion, a P/E ratio of 62.17, a P/E/G ratio of 0.77 and a beta of 1.46. Flex Ltd. has a 1-year low of $41.43 and a 1-year high of $147.76. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The business has a 50-day moving average price of $96.84 and a two-hundred day moving average price of $74.89.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Equities analysts predict that Flex Ltd. will post 4.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FLEX shares. The Goldman Sachs Group boosted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus lifted their price target on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $112.80.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 22,212 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.40, for a total value of $3,162,988.80. Following the completion of the sale, the executive vice president directly owned 74,926 shares of the company’s stock, valued at $10,669,462.40. This represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Erin Mcsweeney sold 2,000 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $132.51, for a total value of $265,020.00. Following the completion of the sale, the director directly owned 9,512 shares of the company’s stock, valued at approximately $1,260,435.12. This trade represents a 17.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 329,512 shares of company stock worth $44,459,298 over the last quarter. Insiders own 0.57% of the company’s stock.

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.