Prosperity Wealth Management Inc. Acquires Shares of 7,300 Flex Ltd. (NASDAQ:FLEX)

Prosperity Wealth Management Inc. acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,300 shares of the technology company’s stock, valued at approximately $222,000.

A number of other institutional investors and hedge funds have also modified their holdings of FLEX. Cornerstone Planning Group LLC purchased a new stake in shares of Flex during the third quarter valued at $30,000. Quarry LP purchased a new stake in shares of Flex during the 1st quarter valued at about $38,000. Fifth Third Bancorp grew its stake in shares of Flex by 276.6% in the fourth quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after acquiring an additional 1,455 shares during the period. Bruce G. Allen Investments LLC purchased a new position in shares of Flex during the fourth quarter valued at approximately $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Flex during the fourth quarter valued at approximately $77,000. Institutional investors own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FLEX shares. JPMorgan Chase & Co. boosted their target price on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group upped their price objective on Flex from $29.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Finally, StockNews.com assumed coverage on Flex in a research report on Wednesday, March 6th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.20.

Insiders Place Their Bets

In other news, insider Kwang Hooi Tan sold 8,027 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $28.81, for a total transaction of $231,257.87. Following the completion of the transaction, the insider now owns 159,718 shares in the company, valued at $4,601,475.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Daniel Wendler sold 1,860 shares of Flex stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total value of $53,735.40. Following the completion of the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kwang Hooi Tan sold 8,027 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $28.81, for a total value of $231,257.87. Following the sale, the insider now owns 159,718 shares in the company, valued at $4,601,475.58. The disclosure for this sale can be found here. Insiders sold 141,943 shares of company stock worth $4,055,311 in the last three months. 0.56% of the stock is owned by company insiders.

Flex Trading Down 0.4 %

Shares of Flex stock opened at $28.08 on Thursday. The company’s fifty day simple moving average is $28.35 and its 200-day simple moving average is $26.71. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 0.86. Flex Ltd. has a 1-year low of $19.44 and a 1-year high of $30.93. The stock has a market capitalization of $11.83 billion, a PE ratio of 16.71, a P/E/G ratio of 1.75 and a beta of 1.19.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. Flex had a net margin of 2.56% and a return on equity of 16.24%. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.73 billion. As a group, equities analysts anticipate that Flex Ltd. will post 2.16 earnings per share 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.