Sumitomo Mitsui Trust Group Inc. Buys 4,200 Shares of Flex Ltd. (NASDAQ:FLEX)

Sumitomo Mitsui Trust Group Inc. grew its stake in Flex Ltd. (NASDAQ:FLEX) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,253 shares of the technology company’s stock after acquiring an additional 4,200 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Flex were worth $3,713,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. United Services Automobile Association bought a new position in Flex in the 4th quarter worth about $982,000. Sowell Financial Services LLC bought a new position in shares of Flex in the first quarter worth approximately $246,000. Brandywine Global Investment Management LLC lifted its stake in shares of Flex by 219.2% in the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock worth $5,119,000 after buying an additional 91,571 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Flex by 7.6% in the first quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company’s stock worth $3,563,000 after buying an additional 7,637 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of Flex by 142.9% in the first quarter. Farther Finance Advisors LLC now owns 14,940 shares of the technology company’s stock worth $498,000 after buying an additional 8,790 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Up 1.8%

FLEX stock opened at $51.65 on Friday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $52.17. The business’s 50-day moving average is $42.94 and its two-hundred day moving average is $39.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.79 and a current ratio of 1.30. The company has a market cap of $19.30 billion, a price-to-earnings ratio of 24.36, a P/E/G ratio of 1.92 and a beta of 1.07.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the prior year, the company earned $0.57 earnings per share. Flex’s revenue was up 3.7% on a year-over-year basis. As a group, analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 181,028 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the transaction, the chief executive officer directly owned 1,463,695 shares of the company’s stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Kwang Hooi Tan sold 37,533 shares of the firm’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at approximately $11,538,503.37. This represents a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,135,941 shares of company stock worth $47,582,965 over the last quarter. Company insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. KeyCorp upped their price objective on Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays upped their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Friday, June 27th. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America upped their target price on shares of Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $48.29.

Flex Company 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.