Plato Investment Management Ltd Buys Shares of 13,316 Flex Ltd. $FLEX

Plato Investment Management Ltd bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 13,316 shares of the technology company’s stock, valued at approximately $2,146,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Flex during the fourth quarter worth $260,000. Goldman Sachs Group Inc. increased its stake in shares of 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 purchasing an additional 211,046 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Flex in the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC raised its holdings 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 worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP lifted its position 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 buying an additional 29,821 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FLEX. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. KeyCorp increased their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Barclays decreased their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Finally, Stifel Nicolaus increased their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $114.20.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 7,269 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the sale, the insider directly owned 245,930 shares of the company’s stock, valued at $35,713,954.60. The trade was a 2.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares of the company’s stock, valued at approximately $13,233,648.06. This trade represents a 6.81% 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 560,183 shares of company stock worth $80,426,190 over the last quarter. Insiders own 0.62% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $130.00 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The stock has a market cap of $48.02 billion, a PE ratio of 50.19, a PEG ratio of 0.64 and a beta of 1.68. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The business has a 50-day simple moving average of $133.68 and a two-hundred day simple moving average of $104.52.

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

Flex Company 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.