Machina Capital S.A.S. boosted its position in Flex Ltd. (NASDAQ:FLEX – Free Report) by 192.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,422 shares of the technology company’s stock after purchasing an additional 11,474 shares during the quarter. Machina Capital S.A.S.’s holdings in Flex were worth $1,916,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lido Advisors LLC grew its position in shares of Flex by 16.9% in the 3rd quarter. Lido Advisors LLC now owns 52,114 shares of the technology company’s stock worth $5,732,000 after buying an additional 7,519 shares during the period. Keybank National Association OH lifted its position in Flex by 12.5% during the 3rd quarter. Keybank National Association OH now owns 4,475 shares of the technology company’s stock valued at $492,000 after acquiring an additional 496 shares during the period. AlphaCore Capital LLC lifted its holdings in shares of Flex by 483.4% during the third quarter. AlphaCore Capital LLC now owns 8,739 shares of the technology company’s stock valued at $961,000 after purchasing an additional 7,241 shares during the last quarter. Leuthold Group LLC boosted its holdings in Flex by 7.5% in the third quarter. Leuthold Group LLC now owns 132,275 shares of the technology company’s stock worth $14,549,000 after acquiring an additional 9,184 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Flex by 0.3% in the 3rd quarter. Retirement Systems of Alabama now owns 77,466 shares of the technology company’s stock worth $8,520,000 after purchasing an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.
Flex Trading Down 1.1%
Shares of NASDAQ:FLEX opened at $78.12 on Friday. The stock has a 50 day moving average of $99.92 and a 200 day moving average of $103.42. The company 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. Flex Ltd. has a 12-month low of $53.07 and a 12-month high of $166.86. The company has a current ratio of 1.34, a quick ratio of 0.85 and a debt-to-equity ratio of 0.90.
Flex (NASDAQ:FLEX – Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. Flex had a net margin of 3.35% and a return on equity of 24.93%. The firm had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. During the same period in the prior year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. As a group, equities research analysts expect that Flex Ltd. will post 4.52 EPS for the current year.
Analysts Set New Price Targets
FLEX has been the subject of a number of research analyst reports. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. The Goldman Sachs Group cut their target price on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. Robert W. Baird decreased their price target on shares of Flex from $142.00 to $135.00 in a research report on Monday, October 19th. Weiss Ratings downgraded shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Finally, Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 2nd. 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 company’s stock. According to data from MarketBeat, Flex presently has an average rating of “Buy” and a consensus price target of $138.88.
Get Our Latest Stock Analysis on FLEX
Recent Flex Headlines
Here are a few of the latest headlines 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
- Neutral Sentiment: Flex’s Innovation Day coverage featured a technology showcase with Axiom, but the available headline does not specify financial or commercial outcomes. Innovation Day coverage
- 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 Activity at Flex
In other news, insider Michael P. Hartung sold 2,755 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the transaction, the insider owned 243,175 shares of the company’s stock, valued at $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by insiders.
About Flex
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.
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