NS Partners Ltd purchased a new stake in Flex Ltd. (NASDAQ:FLEX – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 83,288 shares of the technology company’s stock, valued at approximately $13,498,000.
A number of other hedge funds have also made changes to their positions in the company. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust grew its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares in the last quarter. Gables Capital Management Inc. purchased a new position in shares of Flex in the fourth quarter worth about $42,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Flex by 6,318.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after buying an additional 695 shares in the last quarter. Finally, CENTRAL TRUST Co grew its stake in Flex by 58.1% during the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock valued at $48,000 after acquiring an additional 293 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the company. Barclays dropped their price target on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $114.20.
Insider Transactions at Flex
In related news, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the sale, the chief operating officer owned 248,546 shares in the company, valued at approximately $36,086,393.74. The trade was a 3.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the transaction, the chief accounting officer owned 37,932 shares of the company’s stock, valued at $5,507,726.40. This trade represents a 3.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 459,938 shares of company stock worth $67,020,113. 0.62% of the stock is owned by corporate insiders.
Flex Price Performance
Shares of FLEX opened at $109.25 on Tuesday. The firm has a 50-day simple moving average of $126.44 and a two-hundred day simple moving average of $107.89. The stock has a market cap of $40.36 billion, a PE ratio of 42.18, a P/E/G ratio of 0.56 and a beta of 1.68. Flex Ltd. has a 1-year low of $51.76 and a 1-year high of $166.86. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.
Flex (NASDAQ:FLEX – Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. The firm had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. As a group, analysts forecast that Flex Ltd. will post 4.27 EPS for the current year.
About Flex
Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.
Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.
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