Lido Advisors LLC grew its stake in Flex Ltd. (NASDAQ:FLEX – Free Report) by 16.9% in the third quarter, Holdings Channel reports. The fund owned 52,114 shares of the technology company’s stock after purchasing an additional 7,519 shares during the period. Lido Advisors LLC’s holdings in Flex were worth $5,732,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of Flex by 14.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the technology company’s stock valued at $86,000 after acquiring an additional 99 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Flex by 7.4% in the second quarter. TD Waterhouse Canada Inc. now owns 1,449 shares of the technology company’s stock valued at $223,000 after purchasing an additional 100 shares during the period. JSF Financial LLC grew its holdings in shares of Flex by 0.6% in the first quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock valued at $1,342,000 after purchasing an additional 115 shares during the period. WealthPlan Investment Management LLC increased its position in Flex by 5.3% during the third quarter. WealthPlan Investment Management LLC now owns 2,312 shares of the technology company’s stock worth $254,000 after purchasing an additional 116 shares during the last quarter. Finally, Glenview Trust Co increased its position in Flex by 3.4% during the first quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock worth $247,000 after purchasing an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Flex Trading Down 1.1%
Shares of FLEX stock opened at $78.12 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 0.85. The firm has a market cap of $28.86 billion, a PE ratio of 28.20, a price-to-earnings-growth ratio of 0.37 and a beta of 1.80. The company has a 50-day moving average of $99.92 and a two-hundred day moving average of $103.42. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86.
Flex (NASDAQ:FLEX – Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.12. The business had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. Flex had a net margin of 3.35% and a return on equity of 24.93%. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period last year, the business earned $0.79 earnings per share. On average, analysts predict that Flex Ltd. will post 4.52 EPS for the current year.
Flex News Roundup
Here’s some of the latest news about FLEX:
- Positive Sentiment: Flex was highlighted as an AI-infrastructure company with attractive valuation and growth potential, alongside peers Super Micro Computer and Jabil. Zacks article
- Positive Sentiment: A Wall Street roundup described analysts as highly optimistic on Flex, noting the shares’ outperformance over the past year. Barchart article
- Negative Sentiment: KeyCorp cut its Flex price target to $128 from $180, a substantial reduction that could weigh on sentiment. It maintained an “overweight” rating, however, and the revised target still implies considerable upside from the reference price cited in the report. KeyCorp rating information
Insider Buying and Selling at Flex
In related news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the sale, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Barclays dropped their price target on shares of Flex from $144.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. cut their price target on shares of Flex from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Finally, The Goldman Sachs Group reduced their price target on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $138.88.
Get Our Latest Stock Analysis on Flex
Flex Company Profile
Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.
Further Reading
- Five stocks we like better than Flex
- Checkmate for AI Chips? NVIDIA’s Crisis Opens the Board
- Can NVIDIA Maintain Its Momentum Without Huang?
- Six Flags Lost $366 Million in Q3—Its Insiders Just Went Shopping
- What Went Wrong With Amprius Technologies’ Q3? Less Than You’d Think
Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd. (NASDAQ:FLEX – Free Report).
Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.
