Flex Ltd. (NASDAQ:FLEX) Shares Bought by Foundations Investment Advisors LLC

Key Points

• Foundations Investment Advisors LLC significantly increased its holdings in Flex Ltd. by 209.0%, now owning 18,734 shares worth $620,000 as of the latest SEC filing.
• Several analysts have recently raised their target prices for Flex, with Barclays and JPMorgan Chase both targeting $60.00 per share, indicating strong market confidence in the company's performance.
• Flex reported better-than-expected quarterly earnings, achieving $0.72 earnings per share and revenue of $6.58 billion, surpassing analysts' forecasts.

Foundations Investment Advisors LLC lifted its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 209.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,734 shares of the technology company's stock after buying an additional 12,672 shares during the period. Foundations Investment Advisors LLC's holdings in Flex were worth $620,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FLEX. Cullen Frost Bankers Inc. acquired a new stake in Flex in the 1st quarter worth approximately $26,000. Olde Wealth Management LLC acquired a new stake in Flex in the 1st quarter worth approximately $26,000. CX Institutional acquired a new stake in Flex in the 1st quarter worth approximately $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Flex in the 4th quarter worth approximately $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after purchasing an additional 509 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 down $0.35 during trading hours on Friday, reaching $49.52. 3,793,913 shares of the company's stock were exchanged, compared to its average volume of 4,046,755. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $53.97. The company has a market capitalization of $18.59 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 1.69 and a beta of 1.05. The business has a fifty day moving average of $47.95 and a two-hundred day moving average of $40.98. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59.

Flex (NASDAQ:FLEX - Get Free Report) last released its 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. Flex had a net margin of 3.42% and a return on equity of 20.25%. The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In related news, COO Kwang Hooi Tan sold 12,500 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $50.25, for a total value of $628,125.00. Following the completion of the sale, the chief operating officer owned 263,636 shares of the company's stock, valued at approximately $13,247,709. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Daniel Wendler sold 1,245 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $56,037.45. Following the completion of the sale, the chief accounting officer directly owned 47,619 shares of the company's stock, valued at $2,143,331.19. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,061,348 shares of company stock valued at $45,038,292 in the last three months. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on FLEX. Bank of America lifted their target price on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. lifted their price objective on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. KeyCorp lifted their price objective on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. KGI Securities cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $53.71.

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.