Schwab Charles Investment Management Inc. grew its position in Flex Ltd (NASDAQ:FLEX) by 8.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 204,313 shares of the technology company’s stock after buying an additional 15,223 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Flex were worth $3,337,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of FLEX. Wells Fargo & Company MN raised its holdings in Flex by 412.0% in the first quarter. Wells Fargo & Company MN now owns 4,506,828 shares of the technology company’s stock worth $73,596,000 after buying an additional 3,626,538 shares during the last quarter. Corsair Capital Management L.P. purchased a new position in Flex in the fourth quarter worth about $20,383,000. Brenner West Capital Advisors LP purchased a new position in Flex in the fourth quarter worth about $19,762,000. Amundi Pioneer Asset Management Inc. purchased a new position in Flex in the fourth quarter worth about $11,992,000. Finally, NWQ Investment Management Company LLC raised its holdings in Flex by 39.7% in the fourth quarter. NWQ Investment Management Company LLC now owns 1,871,232 shares of the technology company’s stock worth $33,663,000 after buying an additional 531,683 shares during the last quarter. 94.37% of the stock is owned by institutional investors and hedge funds.
Flex opened at $14.11 on Friday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.26 and a quick ratio of 0.74. Flex Ltd has a twelve month low of $12.93 and a twelve month high of $19.71. The company has a market cap of $7.36 billion, a PE ratio of 18.10, a P/E/G ratio of 0.72 and a beta of 0.88.
Flex (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, April 26th. The technology company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Flex had a net margin of 1.68% and a return on equity of 14.32%. The company had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $6.27 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. research analysts predict that Flex Ltd will post 0.97 EPS for the current fiscal year.
Several research analysts have issued reports on FLEX shares. Zacks Investment Research raised shares of Flex from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a report on Tuesday, March 27th. ValuEngine cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, March 23rd. Stifel Nicolaus decreased their target price on shares of Flex from $22.00 to $19.00 and set a “buy” rating for the company in a report on Friday, April 27th. Citigroup decreased their target price on shares of Flex from $20.00 to $16.00 and set a “buy” rating for the company in a report on Monday, April 30th. Finally, Standpoint Research raised shares of Flex from a “hold” rating to a “buy” rating in a report on Monday, June 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Flex has an average rating of “Buy” and an average target price of $19.61.
In related news, President Douglas Britt sold 8,067 shares of the business’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $14.28, for a total transaction of $115,196.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David P. Bennett sold 3,100 shares of the business’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $14.33, for a total transaction of $44,423.00. The disclosure for this sale can be found here. Insiders have sold 411,888 shares of company stock valued at $5,960,174 over the last three months. 0.83% of the stock is owned by corporate insiders.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies.
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