Flex Ltd. $FLEX Shares Bought by Insight Wealth Strategies LLC

Key Points

• Insight Wealth Strategies increased its Flex stake by 84.8% in the third quarter, bringing its holdings to 52,016 shares worth approximately $5.7 million. Institutional investors collectively own 94.3% of Flex.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share, while analysts expect $4.27 in full-year EPS. The stock recently traded at $118, near the consensus price target of $119.67.
• Analyst sentiment remains positive overall, with one Strong Buy, seven Buy, and three Hold ratings, resulting in a “Moderate Buy” consensus; however, several firms recently lowered their price targets.

Insight Wealth Strategies LLC raised its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 84.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,016 shares of the technology company's stock after purchasing an additional 23,875 shares during the quarter. Insight Wealth Strategies LLC's holdings in Flex were worth $5,721,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Polar Capital Holdings Plc lifted its holdings in shares of Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the period. Sei Investments Co. raised its position in Flex by 52.2% during the 1st quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company's stock worth $146,016,000 after buying an additional 764,558 shares during the last quarter. KBC Group NV lifted its stake in shares of Flex by 541.5% in the 1st quarter. KBC Group NV now owns 1,965,811 shares of the technology company's stock worth $128,682,000 after acquiring an additional 1,659,384 shares during the period. Amundi lifted its stake in shares of Flex by 15.5% in the 1st quarter. Amundi now owns 1,494,418 shares of the technology company's stock worth $97,825,000 after acquiring an additional 200,553 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Flex by 9.3% in the first quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company's stock valued at $84,714,000 after acquiring an additional 109,992 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Price Performance

Shares of Flex stock traded up $3.27 on Friday, hitting $118.00. The company's stock had a trading volume of 612,795 shares, compared to its average volume of 4,691,737. The company has a market capitalization of $43.59 billion, a P/E ratio of 45.56, a price-to-earnings-growth ratio of 0.60 and a beta of 1.67. Flex Ltd. has a 52-week low of $53.07 and a 52-week high of $166.86. The firm has a fifty day moving average price of $114.48 and a 200-day moving average price of $117.40. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The company had revenue of $7.93 billion during the quarter. On average, equities research analysts expect that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total transaction of $332,363.20. Following the sale, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. This represents a 1.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

FLEX has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. The Goldman Sachs Group reduced their price target on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Weiss Ratings downgraded Flex from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 17th. Barclays cut their price objective on Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Finally, Raymond James Financial set a $170.00 target price on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Flex has an average rating of "Moderate Buy" and a consensus target price of $119.67.

Flex Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply-chain solutions provider that helps companies design, build and deliver products. The company works with original equipment manufacturers and other brands across the product life cycle, from product design and engineering through manufacturing, logistics and aftermarket services.

Its capabilities include electronics manufacturing, printed circuit board assembly, systems integration, mechanical manufacturing, testing, product development and supply-chain management.

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