7,000 Shares in Flex Ltd. $FLEX Purchased by Satovsky Asset Management LLC

Key Points

• Satovsky Asset Management initiated a new position in Flex Ltd., buying 7,000 shares valued at about $423,000 in the fourth quarter.
• Institutional interest in Flex remains high, with multiple hedge funds increasing or starting positions and 94.30% of the stock now held by institutional investors.
• Flex insiders have been selling shares recently, including the CEO and an EVP, while analysts have mostly stayed positive and the stock carries a consensus Moderate Buy rating.

Satovsky Asset Management LLC purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,000 shares of the technology company's stock, valued at approximately $423,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FLEX. Brighton Jones LLC purchased a new position in Flex during the fourth quarter worth about $260,000. Goldman Sachs Group Inc. boosted its holdings in Flex by 19.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock worth $42,314,000 after purchasing an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new position in Flex during the first quarter worth about $397,000. EverSource Wealth Advisors LLC raised its position in Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock worth $132,000 after acquiring an additional 1,031 shares during the period. Finally, First Trust Advisors LP raised its position in Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock worth $3,099,000 after acquiring an additional 29,821 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 33,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares of the company's stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 83,500 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $132.87, for a total transaction of $11,094,645.00. Following the completion of the sale, the chief executive officer directly owned 605,522 shares in the company, valued at approximately $80,455,708.14. This trade represents a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 345,012 shares of company stock valued at $48,508,103. Corporate insiders own 0.57% of the company's stock.

Flex Stock Performance

Shares of FLEX stock opened at $149.71 on Monday. The firm's 50-day simple moving average is $115.87 and its two-hundred day simple moving average is $82.08. Flex Ltd. has a 52 week low of $42.83 and a 52 week high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a market cap of $54.85 billion, a price-to-earnings ratio of 64.25, a P/E/G ratio of 0.79 and a beta of 1.63.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion for the quarter. As a group, equities analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. JPMorgan Chase & Co. lifted their price objective on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Finally, The Goldman Sachs Group lifted their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. One 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.70.

Flex 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.

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