Bayforest Capital Ltd Acquires 11,431 Shares of Flex Ltd. (NASDAQ:FLEX)

Bayforest Capital Ltd increased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 369.9% in the first quarter, HoldingsChannel reports. The firm owned 14,521 shares of the technology company’s stock after purchasing an additional 11,431 shares during the period. Bayforest Capital Ltd’s holdings in Flex were worth $480,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Evergreen Capital Management LLC increased its position 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 purchasing an additional 246 shares in the last quarter. Rockefeller Capital Management L.P. increased its position 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 purchasing an additional 266 shares in the last quarter. Dynasty Wealth Management LLC increased its position in Flex by 0.7% in the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after acquiring an additional 276 shares in the last quarter. SBI Securities Co. Ltd. increased its position in Flex by 30.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after acquiring an additional 306 shares in the last quarter. Finally, Stephens Inc. AR increased its position in Flex by 2.7% in the 1st quarter. Stephens Inc. AR now owns 12,634 shares of the technology company’s stock valued at $418,000 after acquiring an additional 332 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity

In related news, insider Michael P. Hartung sold 35,393 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the transaction, the insider owned 293,195 shares of the company’s stock, valued at $12,569,269.65. This trade represents a 10.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Kwang Hooi Tan sold 37,533 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at $11,538,503.37. The trade was a 12.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,148,441 shares of company stock worth $48,211,090 over the last quarter. 0.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Flex from $44.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Bank of America raised their price objective on shares of Flex from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, July 10th. Barclays raised their price objective on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. The Goldman Sachs Group restated a “buy” rating on shares of Flex in a research report on Friday, July 11th. Finally, KeyCorp raised their price objective on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $53.71.

Flex Stock Down 1.4%

Shares of NASDAQ:FLEX opened at $51.07 on Thursday. Flex Ltd. has a one year low of $25.11 and a one year high of $53.97. The company has a 50 day moving average of $47.62 and a 200-day moving average of $40.85. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The stock has a market cap of $19.17 billion, a price-to-earnings ratio of 22.40, a P/E/G ratio of 1.76 and a beta of 1.07.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.63 by $0.09. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the previous year, the company earned $0.51 EPS. Flex’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

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.