HighTower Advisors LLC Buys 28,425 Shares of Flex Ltd. (NASDAQ:FLEX)

HighTower Advisors LLC raised its stake in Flex Ltd. (NASDAQ:FLEX) by 23.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 149,462 shares of the technology company’s stock after acquiring an additional 28,425 shares during the period. HighTower Advisors LLC’s holdings in Flex were worth $5,738,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in shares of Flex in the 4th quarter worth about $32,293,000. Mutual of America Capital Management LLC acquired a new position in Flex in the fourth quarter valued at about $7,864,000. State of Alaska Department of Revenue acquired a new stake in shares of Flex during the fourth quarter worth approximately $1,697,000. One Wealth Advisors LLC bought a new position in shares of Flex in the fourth quarter valued at approximately $368,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after acquiring an additional 296,505 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $35.95 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 1-year low of $25.27 and a 1-year high of $45.10. The stock has a market capitalization of $13.77 billion, a P/E ratio of 14.50, a P/E/G ratio of 2.43 and a beta of 1.07. The business has a 50-day moving average price of $39.86 and a two-hundred day moving average price of $37.30.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

FLEX has been the subject of several research analyst reports. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus initiated coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Finally, Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $44.33.

Insider Activity

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.