Meiji Yasuda Asset Management Co Ltd. Takes Position in Flex Ltd. (NASDAQ:FLEX)

Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 9,463 shares of the technology company’s stock, valued at approximately $363,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FLEX. Geode Capital Management LLC grew its stake in shares of Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after purchasing an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. grew its position in Flex by 462.2% in 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 acquiring an additional 2,170,262 shares during the period. Bank of New York Mellon Corp raised its stake in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after acquiring an additional 1,327,298 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of Flex during the fourth quarter valued at $33,363,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Flex in the 4th quarter valued at $32,293,000. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Stifel Nicolaus assumed coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. Finally, Barclays increased their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $44.33.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated 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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. The trade was 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 currently owned by insiders.

Flex Stock Down 2.6 %

NASDAQ:FLEX opened at $34.46 on Friday. The company has a market cap of $13.20 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock’s fifty day moving average price is $39.28 and its two-hundred day moving average price is $37.48. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating 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%. On average, analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Flex 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.