Woodline Partners LP Acquires New Position in Flex Ltd. (NASDAQ:FLEX)

Woodline Partners LP purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 914,841 shares of the technology company's stock, valued at approximately $35,121,000. Woodline Partners LP owned approximately 0.24% of Flex at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. United Services Automobile Association purchased a new stake in shares of Flex in the fourth quarter valued at about $982,000. Brandywine Global Investment Management LLC raised its holdings in shares of Flex by 219.2% in the fourth quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after buying an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC purchased a new stake in shares of Flex in the fourth quarter valued at about $7,864,000. Raymond James Financial Inc. purchased a new stake in shares of Flex in the fourth quarter valued at about $32,293,000. Finally, American Century Companies Inc. raised its holdings in shares of Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock valued at $26,637,000 after buying an additional 114,350 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Flex news, CAO Daniel Wendler sold 4,502 shares of the company'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 sale, the chief accounting officer now owns 38,676 shares of the company's stock, valued at $1,624,005.24. This represents a 10.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Revathi Advaithi sold 164,700 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the completion of the sale, the chief executive officer now directly owns 1,319,823 shares in the company, valued at $55,419,367.77. This trade represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 489,255 shares of company stock valued at $19,589,788. Corporate insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

FLEX has been the subject of a number of research reports. Wall Street Zen raised shares of Flex from a "hold" rating to a "buy" rating in a report on Tuesday. The Goldman Sachs Group reduced their target price on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Barclays boosted their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. dropped their price target on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, KeyCorp boosted their price target on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Flex presently has a consensus rating of "Buy" and an average target price of $45.33.

Flex Stock Performance

Shares of Flex stock traded up $0.04 on Friday, reaching $41.48. 2,821,302 shares of the stock were exchanged, compared to its average volume of 3,918,471. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The business has a fifty day moving average price of $35.00 and a two-hundred day moving average price of $37.92. The firm has a market capitalization of $15.49 billion, a PE ratio of 16.73, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last released 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 firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm's revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Company 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.