SEB Asset Management AB Makes New $11.41 Million Investment in Flex Ltd. $FLEX

SEB Asset Management AB purchased a new position in Flex Ltd. (NASDAQ:FLEX) in the first quarter, Holdings Channel reports. The fund purchased 174,317 shares of the technology company’s stock, valued at approximately $11,411,000.

Other large investors also recently modified their holdings of the company. USA Financial Formulas acquired a new stake in Flex in the fourth quarter valued at $28,000. Parkside Financial Bank & Trust boosted its position in shares of Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Flex during the 4th quarter worth about $28,000. Gables Capital Management Inc. purchased a new position in shares of Flex in the 4th quarter valued at about $42,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Flex by 6,318.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after acquiring an additional 695 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FLEX shares. The Goldman Sachs Group raised their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. KeyCorp increased their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” 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. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. upped their price objective 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 equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $115.70.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider directly owned 253,199 shares in the company, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer directly owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. This trade represents a 24.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 769,195 shares of company stock worth $110,116,823. Corporate insiders own 0.62% of the company’s stock.

Flex Stock Up 0.6%

Shares of Flex stock opened at $119.91 on Tuesday. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The company has a market cap of $43.93 billion, a P/E ratio of 51.46, a PEG ratio of 0.62 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a fifty day moving average of $142.65 and a two-hundred day moving average of $96.43.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, analysts forecast that Flex Ltd. will post 4.18 earnings per share for the current year.

Flex Profile

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.