Focus Partners Wealth Purchases 3,317 Shares of Flex Ltd. (NASDAQ:FLEX)

Focus Partners Wealth lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 18.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 21,265 shares of the technology company’s stock after acquiring an additional 3,317 shares during the quarter. Focus Partners Wealth’s holdings in Flex were worth $816,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Evergreen Capital Management LLC grew its stake in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after acquiring an additional 246 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after acquiring an additional 266 shares during the period. Sage Rhino Capital LLC grew its stake in shares of Flex by 1.1% during the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock worth $1,358,000 after acquiring an additional 374 shares during the period. Arizona State Retirement System grew its stake in shares of Flex by 0.4% during the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock worth $4,424,000 after acquiring an additional 403 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in shares of Flex by 11.2% during the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock worth $170,000 after acquiring an additional 447 shares during the period. Institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the subject of several analyst reports. The Goldman Sachs Group cut their target price on Flex from $53.00 to $41.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price for the company. JPMorgan Chase & Co. cut 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. Barclays raised their target price on Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. Finally, KeyCorp raised their target price on Flex from $35.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $45.33.

Flex Price Performance

FLEX stock opened at $42.02 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The stock has a market cap of $16.10 billion, a PE ratio of 16.94, a P/E/G ratio of 2.43 and a beta of 0.96. The firm has a 50 day simple moving average of $34.29 and a two-hundred day simple moving average of $37.74.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the previous year, the company earned $0.57 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In related news, CEO Revathi Advaithi sold 164,700 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the transaction, the chief executive officer now directly owns 1,319,823 shares of the company’s stock, valued at approximately $55,419,367.77. This trade represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Daniel Wendler sold 4,502 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $189,038.98. Following the transaction, the chief accounting officer now directly owns 38,676 shares in the company, valued at approximately $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 489,255 shares of company stock valued at $19,589,788. Corporate insiders own 0.82% of the company’s stock.

About Flex

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.