Affinity Wealth Management LLC Takes Position in Flex Ltd. (NASDAQ:FLEX)

Affinity Wealth Management LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 101,741 shares of the technology company's stock, valued at approximately $3,366,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. United Services Automobile Association purchased a new position in Flex in the fourth quarter valued at about $982,000. Brandywine Global Investment Management LLC lifted its position 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 worth $5,119,000 after buying an additional 91,571 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Flex in the fourth quarter worth about $7,864,000. Raymond James Financial Inc. acquired a new stake in shares of Flex in the fourth quarter worth about $32,293,000. Finally, American Century Companies Inc. lifted its position 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 worth $26,637,000 after buying an additional 114,350 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the completion of the transaction, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Daniel Wendler sold 4,953 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $212,335.11. Following the completion of the sale, the chief accounting officer now owns 44,584 shares in the company, valued at approximately $1,911,316.08. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 710,106 shares of company stock valued at $29,050,539 in the last quarter. Corporate insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FLEX. KeyCorp reaffirmed an "overweight" rating on shares of Flex in a research report on Tuesday. Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 28th. JPMorgan Chase & Co. reduced their price target on Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. 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. Finally, The Goldman Sachs Group decreased 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. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $45.33.

Flex Stock Performance

NASDAQ:FLEX traded up $0.51 during mid-day trading on Friday, hitting $43.07. 2,356,285 shares of the company's stock traded hands, compared to its average volume of 3,866,527. The firm has a 50 day moving average of $36.44 and a two-hundred day moving average of $38.20. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The firm has a market capitalization of $16.08 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04. 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 results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. The company's revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, equities analysts forecast 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.