J.Safra Asset Management Corp Purchases 3,487 Shares of Flex Ltd. (NASDAQ:FLEX)

J.Safra Asset Management Corp raised its position in Flex Ltd. (NASDAQ:FLEX) by 69.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,534 shares of the technology company’s stock after acquiring an additional 3,487 shares during the quarter. J.Safra Asset Management Corp’s holdings in Flex were worth $330,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of FLEX. Geode Capital Management LLC increased its stake in shares of Flex by 619.3% during the third quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares during the period. Bank of New York Mellon Corp increased its position in Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after purchasing an additional 1,327,298 shares during the period. Principal Financial Group Inc. purchased a new position in Flex during the 4th quarter valued at $33,363,000. Finally, Simcoe Capital Management LLC purchased a new position in Flex during the 3rd quarter valued at $22,075,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $35.01 on Wednesday. The stock has a market cap of $13.41 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The firm’s 50-day simple moving average is $40.94 and its two-hundred day simple moving average is $37.15.

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 the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

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

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.