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Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Flex Ltd. (NASDAQ:FLEX)

Flex logo with Computer and Technology background

Key Points

  • Connor Clark & Lunn Investment Management Ltd. increased its holdings in Flex Ltd. by 718.1% during the first quarter, now owning approximately 0.08% of the company valued at $10.4 million.
  • Several analysts have upgraded their ratings on Flex, with price targets ranging from $52 to $60, resulting in a consensus rating of "Buy".
  • Flex reported a quarterly earnings per share of $0.72, surpassing estimates, and showed a 4.1% revenue increase year-over-year.
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Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 718.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 313,894 shares of the technology company's stock after buying an additional 275,527 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of Flex worth $10,384,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC purchased a new position in Flex during the first quarter worth about $26,000. Cullen Frost Bankers Inc. purchased a new position in Flex during the first quarter worth about $26,000. CX Institutional purchased a new position in shares of Flex in the 1st quarter worth about $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Flex in the 4th quarter worth about $35,000. Finally, CWM LLC raised its holdings in shares of Flex by 73.3% in the 1st quarter. CWM LLC now owns 1,281 shares of the technology company's stock worth $42,000 after purchasing an additional 542 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of research reports. Stifel Nicolaus raised their price objective on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Barclays raised their price objective on 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 report on Friday, July 25th. Finally, JPMorgan Chase & Co. increased their target price on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $53.71.

View Our Latest Stock Analysis on Flex

Flex Price Performance

Shares of NASDAQ FLEX opened at $50.34 on Monday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $53.97. The business has a 50 day moving average price of $48.77 and a two-hundred day moving average price of $41.21. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The firm has a market cap of $18.89 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05.

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

Insider Activity

In other news, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $50.25, for a total value of $628,125.00. Following the completion of the transaction, the chief operating officer owned 263,636 shares in the company, valued at approximately $13,247,709. This trade represents a 4.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 6,887 shares of Flex stock in a transaction that occurred on 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 insider owned 303,718 shares of the company's stock, valued at approximately $13,670,347.18. The trade was a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 941,068 shares of company stock worth $40,456,827 over the last quarter. Corporate insiders own 0.57% of the company's stock.

About Flex

(Free Report)

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.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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