Harvest Fund Management Co. Ltd Buys 41,487 Shares of Flex Ltd. (NASDAQ:FLEX)

Harvest Fund Management Co. Ltd raised its stake in Flex Ltd. (NASDAQ:FLEX) by 249.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 58,099 shares of the technology company’s stock after buying an additional 41,487 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Flex were worth $2,230,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its stake in Flex by 1.3% in the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock valued at $898,389,000 after buying an additional 344,773 shares in the last quarter. Boston Partners lifted its stake in Flex by 2.2% in the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after buying an additional 569,916 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Flex by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after buying an additional 31,214 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Flex by 5.2% in the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Flex by 619.3% in 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 in the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the company’s 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 transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Stifel Nicolaus initiated coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Barclays boosted their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flex currently has an average rating of “Buy” and an average price target of $44.33.

Flex Price Performance

Shares of FLEX opened at $35.95 on Thursday. The company has a market cap of $13.77 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 2.43 and a beta of 1.07. Flex Ltd. has a 1-year low of $25.27 and a 1-year high of $45.10. The company’s fifty day simple moving average is $39.86 and its 200 day simple moving average is $37.30. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.