Ameriprise Financial Inc. Boosts Holdings in Flex Ltd. (NASDAQ:FLEX)

Ameriprise Financial Inc. increased its position in Flex Ltd. (NASDAQ:FLEX) by 78.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 853,179 shares of the technology company’s stock after buying an additional 374,247 shares during the quarter. Ameriprise Financial Inc.’s holdings in Flex were worth $32,754,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. R Squared Ltd acquired a new position in Flex in the 4th quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Flex in the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Flex in the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares during the last quarter. Finally, Huntington National Bank increased its stake in shares of Flex by 46.7% in the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after buying an additional 478 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Flex

In other Flex news, CAO Daniel Wendler sold 4,502 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the sale, the chief accounting officer now directly owns 38,676 shares in the company, valued at approximately $1,624,005.24. The trade was a 10.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares of the company’s stock, valued at $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,255 shares of company stock valued at $19,002,628. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Barclays increased their target price on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. StockNews.com downgraded Flex from a “buy” rating to a “hold” rating in a report on Monday. Stifel Nicolaus started coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.33.

Flex Price Performance

Shares of NASDAQ FLEX opened at $41.85 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The business’s fifty day moving average price is $33.65 and its two-hundred day moving average price is $37.55. The firm has a market capitalization of $16.03 billion, a PE ratio of 16.88, a P/E/G ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 17.93% and a net margin of 3.95%. The business had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, research analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Flex Profile

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.