Czech National Bank purchased a new stake in Flex Ltd. (NASDAQ:FLEX – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 104,654 shares of the technology company’s stock, valued at approximately $16,961,000.
Other hedge funds have also recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in shares of Flex by 20.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 10,373 shares of the technology company’s stock valued at $1,681,000 after buying an additional 1,764 shares in the last quarter. Chapin Davis Inc. acquired a new position in Flex during the second quarter valued at approximately $15,819,000. 180 Wealth Advisors LLC acquired a new stake in shares of Flex in the 2nd quarter valued at $331,000. GAMMA Investing LLC increased its stake in shares of Flex by 15.8% in the 2nd quarter. GAMMA Investing LLC now owns 9,563 shares of the technology company’s stock valued at $1,550,000 after purchasing an additional 1,303 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Flex during the 2nd quarter worth $944,000. 94.30% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on FLEX. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Barclays decreased their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Raymond James Financial set a $170.00 target price on Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.20.
Insider Buying and Selling
In other Flex news, COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the completion of the sale, the chief operating officer directly owned 248,546 shares in the company, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.22, for a total value of $1,055,604.18. Following the completion of the transaction, the insider directly owned 245,930 shares in the company, valued at $35,713,954.60. This represents a 2.87% 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 90 days, insiders sold 754,195 shares of company stock worth $108,044,723. Corporate insiders own 0.62% of the company’s stock.
Flex Stock Performance
Shares of Flex stock opened at $121.35 on Friday. The stock has a market cap of $44.83 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 0.62 and a beta of 1.67. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86. The company’s fifty day moving average is $137.37 and its 200 day moving average is $101.74. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.
Flex (NASDAQ:FLEX – Get Free Report) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Sell-side analysts forecast that Flex Ltd. will post 4.27 EPS for the current year.
Flex Company Profile
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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