Lombard Odier Asset Management Europe Ltd Acquires Shares of 75,605 Flex Ltd. $FLEX

Lombard Odier Asset Management Europe Ltd bought a new position in Flex Ltd. (NASDAQ:FLEX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 75,605 shares of the technology company’s stock, valued at approximately $4,949,000.

Other large investors have also recently modified their holdings of the company. JSF Financial LLC boosted its stake in Flex by 0.6% in the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock worth $1,342,000 after purchasing an additional 115 shares in the last quarter. Glenview Trust Co increased its stake in Flex by 3.4% during the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock valued at $247,000 after purchasing an additional 125 shares in the last quarter. Resonant Capital Advisors LLC increased its stake in Flex by 2.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock valued at $522,000 after purchasing an additional 163 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Flex by 7.9% in the first quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock worth $159,000 after buying an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 39,188 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 584,278 shares of the company’s stock, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock was 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. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 769,195 shares of company stock valued at $110,116,823 in the last 90 days. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Stifel Nicolaus increased their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Barclays lifted their target price on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Trading Down 7.4%

Shares of FLEX stock opened at $118.51 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The stock has a market capitalization of $43.42 billion, a P/E ratio of 50.86, a P/E/G ratio of 0.62 and a beta of 1.64. The firm’s 50 day moving average is $141.37 and its 200 day moving average is $97.96.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The business had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Research analysts expect that Flex Ltd. will post 4.18 earnings per share for the current year.

About Flex

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.