Lazard Asset Management LLC Purchases 111,354 Shares of Flex Ltd. $FLEX

Lazard Asset Management LLC boosted its position in Flex Ltd. (NASDAQ:FLEX) by 34.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 431,680 shares of the technology company’s stock after acquiring an additional 111,354 shares during the period. Lazard Asset Management LLC owned 0.12% of Flex worth $28,258,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FLEX. JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Barclays upped their target price on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. The Goldman Sachs Group raised their price target on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. Finally, Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Stock Performance

Shares of FLEX stock opened at $113.28 on Wednesday. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The stock has a market cap of $41.50 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 0.61 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company’s fifty day moving average price is $140.84 and its 200-day moving average price is $98.96.

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

Insider Activity

In other news, CEO Revathi Advaithi sold 39,188 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the sale, the chief executive officer owned 584,278 shares in the company, valued at $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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. Also, insider Michael P. Hartung sold 7,269 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the completion of the transaction, the insider owned 245,930 shares of the company’s stock, valued at approximately $35,713,954.60. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 769,195 shares of company stock valued at $110,116,823. Company insiders own 0.62% of the company’s stock.

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.