Bessemer Group Inc. Increases Holdings in Flex Ltd. (NASDAQ:FLEX)

Bessemer Group Inc. boosted its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 65.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,316 shares of the technology company’s stock after acquiring an additional 914 shares during the quarter. Bessemer Group Inc.’s holdings in Flex were worth $89,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLEX. R Squared Ltd acquired a new stake in shares of Flex in the fourth quarter valued at $35,000. SBI Securities Co. Ltd. acquired a new position in Flex in the 4th quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after purchasing an additional 509 shares during the period. Huntington National Bank lifted its position in shares of Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after purchasing an additional 478 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Flex by 82.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock valued at $60,000 after purchasing an additional 704 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, 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 Flex stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of 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. 0.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday. Stifel Nicolaus began coverage on Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. KeyCorp lowered their price target on shares of Flex from $46.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $43.67.

Flex Trading Up 2.0 %

Shares of FLEX stock opened at $31.54 on Friday. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The firm’s 50-day simple moving average is $35.22 and its 200-day simple moving average is $37.35. The firm has a market cap of $12.08 billion, a P/E ratio of 12.72, a PEG ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX) last announced its quarterly 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%. As a group, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

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.