Flex Ltd. (NASDAQ:FLEX) Shares Purchased by Bayforest Capital Ltd

Bayforest Capital Ltd lifted its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 369.9% in the first quarter, according to its most recent Form 13F filing with the SEC. 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 quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Olde Wealth Management LLC purchased a new stake in Flex during the first quarter worth $26,000. Cullen Frost Bankers Inc. bought a new position in Flex in the first quarter worth about $26,000. CX Institutional purchased a new stake in shares of Flex during the first quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Flex in the 4th quarter worth approximately $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after acquiring an additional 509 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 6,887 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $309,983.87. Following the completion of the transaction, the executive vice president owned 148,643 shares of the company's stock, valued at $6,690,421.43. The trade was a 4.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Daniel Wendler sold 1,245 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $56,037.45. Following the sale, the chief accounting officer directly owned 47,619 shares in the company, valued at approximately $2,143,331.19. This trade represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,061,348 shares of company stock worth $45,038,292 in the last three months. Company insiders own 0.57% of the company's stock.

Flex Stock Performance

Shares of FLEX stock traded down $0.35 during mid-day trading on Friday, reaching $49.52. The stock had a trading volume of 3,793,913 shares, compared to its average volume of 4,164,322. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97. The firm has a market cap of $18.59 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 1.74 and a beta of 1.07. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business's fifty day moving average is $47.95 and its 200-day moving average is $40.99.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The company had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. Flex's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.51 EPS. On average, research analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FLEX. Barclays lifted their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. KGI Securities downgraded Flex from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a research note on Friday, July 11th. KeyCorp boosted their price target on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Finally, Bank of America increased 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. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $53.71.

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.