73,815 Shares in Flex Ltd. (NASDAQ:FLEX) Acquired by Sora Investors LLC

Sora Investors LLC purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 73,815 shares of the technology company’s stock, valued at approximately $2,834,000.

Several other hedge funds also recently modified their holdings of FLEX. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Flex in the 4th quarter worth about $35,000. R Squared Ltd acquired a new stake in shares of Flex during the fourth quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after acquiring an additional 509 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Flex in the 4th quarter worth approximately $38,000. Finally, Huntington National Bank boosted its stake in Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after purchasing an additional 478 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FLEX has been the topic of several research analyst reports. Barclays lifted their target price on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Monday. Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, The Goldman Sachs Group dropped their price objective on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.33.

Insider Buying and Selling

In related news, CEO Revathi Advaithi sold 164,700 shares of Flex stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the sale, the chief executive officer now directly owns 1,319,823 shares in the company, valued at approximately $55,419,367.77. This trade represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David Scott Offer sold 87,093 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,255 shares of company stock worth $19,002,628 in the last ninety days. Company insiders own 0.82% of the company’s stock.

Flex Price Performance

NASDAQ:FLEX opened at $41.95 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $16.07 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The stock’s 50 day moving average price is $34.12 and its two-hundred day moving average price is $37.65.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. On average, analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

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.