SG Capital Management LLC Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

SG Capital Management LLC purchased a new stake in Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 244,113 shares of the technology company’s stock, valued at approximately $9,371,000. Flex accounts for about 0.9% of SG Capital Management LLC’s holdings, making the stock its 26th biggest position.

A number of other hedge funds also recently made changes to their positions in the business. Marshall & Sterling Wealth Advisors Inc. bought a new position in Flex during the fourth quarter worth about $35,000. R Squared Ltd acquired a new position in Flex during the fourth quarter worth $35,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after acquiring an additional 509 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Flex in the 4th quarter valued at $38,000. Finally, Huntington National Bank grew its holdings in shares of Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after purchasing an additional 478 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLEX. Barclays lifted their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, May 8th. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. KeyCorp raised their price target on Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 9th. The Goldman Sachs Group reduced their price objective on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. lowered their target price on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and an average price target of $45.33.

Flex Stock Down 0.3%

NASDAQ:FLEX opened at $41.95 on Friday. The stock’s fifty day moving average price is $34.12 and its two-hundred day moving average price is $37.65. The company has a market cap of $16.07 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling

In other news, CEO Revathi Advaithi sold 120,280 shares of the business’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the completion of the transaction, the chief executive officer now directly owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. The trade was a 9.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,255 shares of company stock valued at $19,002,628 over the last ninety days. Insiders own 0.82% of the company’s stock.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.