Retireful LLC Makes New $2.19 Million Investment in Flex Ltd. $FLEX

Retireful LLC purchased a new stake in Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 13,502 shares of the technology company’s stock, valued at approximately $2,188,000. Flex comprises about 2.1% of Retireful LLC’s portfolio, making the stock its 16th largest position.

Several other hedge funds have also made changes to their positions in the business. Brighton Jones LLC acquired a new position in Flex in the fourth quarter valued at $260,000. Goldman Sachs Group Inc. grew its holdings in Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after buying an additional 211,046 shares during the period. Empowered Funds LLC acquired a new position in shares of Flex during the 1st quarter valued at about $397,000. EverSource Wealth Advisors LLC increased its stake in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after acquiring an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after acquiring an additional 29,821 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Down 0.9%

FLEX opened at $105.95 on Thursday. Flex Ltd. has a 1 year low of $53.07 and a 1 year high of $166.86. The firm has a 50 day moving average price of $124.65 and a 200 day moving average price of $108.49. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The company has a market cap of $39.14 billion, a PE ratio of 40.91, a price-to-earnings-growth ratio of 0.54 and a beta of 1.67.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The firm had revenue of $7.93 billion for the quarter. Sell-side analysts expect that Flex Ltd. will post 4.27 earnings per share for the current year.

Insider Activity

In related news, CEO Revathi Advaithi sold 39,188 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares in the company, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the transaction, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This trade represents a 3.49% 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. Insiders sold 459,938 shares of company stock worth $67,020,113 in the last quarter. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on FLEX. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Robert W. Baird set a $142.00 target price on Flex in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Flex 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.