CIBC Asset Management Inc Boosts Stake in Flex Ltd. (NASDAQ:FLEX)

CIBC Asset Management Inc increased its position in Flex Ltd. (NASDAQ:FLEX) by 12.0% in the 4th quarter, Holdings Channel reports. The firm owned 16,946 shares of the technology company’s stock after buying an additional 1,814 shares during the period. CIBC Asset Management Inc’s holdings in Flex were worth $651,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in FLEX. Foundations Investment Advisors LLC purchased a new stake in shares of Flex in the 3rd quarter valued at about $250,000. Assenagon Asset Management S.A. lifted its holdings in shares of Flex by 4.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 74,508 shares of the technology company’s stock valued at $2,491,000 after purchasing an additional 3,074 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its holdings in shares of Flex by 12.8% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 17,686 shares of the technology company’s stock valued at $591,000 after purchasing an additional 2,008 shares during the last quarter. Ballentine Partners LLC purchased a new stake in Flex during the 3rd quarter valued at approximately $228,000. Finally, Parcion Private Wealth LLC purchased a new stake in Flex during the 3rd quarter valued at approximately $452,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on FLEX shares. Stifel Nicolaus started coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Craig Hallum upped their price objective on Flex from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Barclays upped their price objective on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $44.33.

Flex Stock Performance

NASDAQ FLEX opened at $40.35 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $41.01 and its two-hundred day moving average is $36.72. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The stock has a market capitalization of $15.46 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) 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%. Research analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling

In related news, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the company’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 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 position. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

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.