Hennion & Walsh Asset Management Inc. Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Hennion & Walsh Asset Management Inc. bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,494 shares of the technology company's stock, valued at approximately $215,000.

Other large investors have also recently modified their holdings of the company. Evergreen Capital Management LLC lifted 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 buying an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Flex by 2.1% during the fourth 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 in the last quarter. Sage Rhino Capital LLC lifted its holdings in shares of Flex by 1.1% in the fourth 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 last quarter. Arizona State Retirement System boosted its stake in shares of Flex by 0.4% in the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock valued at $4,424,000 after purchasing an additional 403 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings 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 valued at $170,000 after purchasing an additional 447 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Activity

In other news, insider Michael P. Hartung sold 35,393 shares of Flex stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,517,297.91. Following the completion of the transaction, the insider now directly owns 293,195 shares of the company's stock, valued at approximately $12,569,269.65. This trade represents a 10.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the sale, the chief executive officer now owns 1,463,695 shares in the company, valued at approximately $62,807,152.45. The trade was a 11.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 891,134 shares of company stock valued at $36,818,451. 0.82% of the stock is currently owned by insiders.

Flex Trading Up 0.3%

NASDAQ:FLEX traded up $0.14 during trading hours on Tuesday, hitting $43.86. 3,697,923 shares of the company were exchanged, compared to its average volume of 3,869,847. The stock has a market capitalization of $16.37 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The company has a fifty day simple moving average of $36.64 and a 200 day simple moving average of $38.19. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The firm's quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. KeyCorp reiterated an "overweight" rating on shares of Flex in a research note on Tuesday, June 3rd. Barclays boosted their price objective on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Stifel Nicolaus assumed coverage on Flex in a research report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $46.00.

Flex Profile

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.