Insider Buying: Flex Ltd (FLEX) Director Acquires 11,500 Shares of Stock

Flex Ltd (NASDAQ:FLEX) Director Marc A. Onetto bought 11,500 shares of the stock in a transaction that occurred on Tuesday, December 4th. The stock was bought at an average price of $8.49 per share, with a total value of $97,635.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

FLEX opened at $8.47 on Friday. Flex Ltd has a 12-month low of $6.74 and a 12-month high of $19.71. The company has a quick ratio of 0.69, a current ratio of 1.23 and a debt-to-equity ratio of 1.07. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.98 and a beta of 1.58.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Flex had a net margin of 1.15% and a return on equity of 9.83%. The company had revenue of $6.71 billion during the quarter, compared to analyst estimates of $6.81 billion. Analysts expect that Flex Ltd will post 0.82 EPS for the current year.

Flex declared that its board has initiated a share repurchase program on Tuesday, August 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 6.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

FLEX has been the subject of a number of recent analyst reports. Needham & Company LLC cut shares of Flex from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Goldman Sachs Group cut shares of Flex from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. ValuEngine cut shares of Flex from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 27th. Argus cut shares of Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. Finally, Macquarie set a $9.00 price target on shares of Flex and gave the stock a “hold” rating in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Flex presently has an average rating of “Hold” and a consensus price target of $17.94.

Institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board raised its position in Flex by 2,570.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock worth $21,064,000 after buying an additional 1,436,925 shares during the last quarter. Clearline Capital LP purchased a new position in shares of Flex during the 2nd quarter valued at approximately $4,738,000. Maplelane Capital LLC increased its holdings in shares of Flex by 29.0% during the 2nd quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock valued at $14,565,000 after purchasing an additional 232,258 shares in the last quarter. Signition LP purchased a new position in shares of Flex during the 3rd quarter valued at approximately $219,000. Finally, AT Bancorp purchased a new position in shares of Flex during the 2nd quarter valued at approximately $556,000. 92.78% of the stock is owned by institutional investors.

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About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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