United Services Automobile Association Invests $982,000 in Flex Ltd. (NASDAQ:FLEX)

United Services Automobile Association acquired a new stake in Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 25,573 shares of the technology company’s stock, valued at approximately $982,000.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Flex by 462.2% during the 3rd 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 lifted its position in shares of 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 in the fourth quarter worth $33,363,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Flex in the fourth quarter valued at $32,293,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Trading Up 2.8 %

Shares of Flex stock opened at $37.42 on Tuesday. 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 Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The firm has a market cap of $14.34 billion, a PE ratio of 15.09, a PEG ratio of 2.43 and a beta of 1.07. The company has a 50 day simple moving average of $39.64 and a two-hundred day simple moving average of $37.46.

Flex (NASDAQ:FLEX) last announced 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 net margin of 3.95% and a return on equity of 17.93%. Analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on 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 transaction, the director now directly owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the 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 transaction, the insider now directly 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. 0.82% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on FLEX shares. Barclays raised their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Flex has an average rating of “Buy” and an average price target of $44.33.

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.