Genus Capital Management Inc. Buys New Holdings in Flex Ltd. (NASDAQ:FLEX)

Genus Capital Management Inc. acquired a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 73,270 shares of the technology company's stock, valued at approximately $2,424,000.

A number of other large investors have also made changes to their positions in FLEX. Norges Bank acquired a new position in Flex in the 4th quarter worth $229,484,000. Invesco Ltd. boosted its stake in Flex by 42.9% in the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after purchasing an additional 1,620,812 shares during the period. Neuberger Berman Group LLC boosted its stake in Flex by 13,790.0% in the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after purchasing an additional 1,229,106 shares during the period. Northern Trust Corp boosted its stake in Flex by 89.1% in the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after purchasing an additional 1,177,923 shares during the period. Finally, LMR Partners LLP acquired a new position in Flex in the 4th quarter worth $36,470,000. Institutional investors own 94.30% of the company's stock.

Insiders Place Their Bets

In related news, COO Kwang Hooi Tan sold 37,533 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of the sale, the chief operating officer directly owned 269,151 shares of the company's stock, valued at $11,538,503.37. The trade was a 12.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael P. Hartung sold 35,393 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,517,297.91. Following the completion of the sale, the insider directly owned 293,195 shares of the company's stock, valued at $12,569,269.65. The trade was a 10.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,135,941 shares of company stock valued at $47,582,965. Insiders own 0.57% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FLEX shares. KeyCorp upped their target price on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. The Goldman Sachs Group reduced their price objective on shares of Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Bank of America increased their price objective on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays increased their price objective on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex has an average rating of "Buy" and an average target price of $49.43.

Flex Trading Up 0.5%

NASDAQ:FLEX traded up $0.26 during trading hours on Friday, hitting $52.19. 2,898,766 shares of the company were exchanged, compared to its average volume of 4,041,953. The stock has a market capitalization of $19.50 billion, a price-to-earnings ratio of 24.62, a price-to-earnings-growth ratio of 1.93 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. Flex Ltd. has a one year low of $25.11 and a one year high of $52.54. The company has a fifty day simple moving average of $44.58 and a 200 day simple moving average of $39.76.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.22 billion. During the same period last year, the company posted $0.57 EPS. The business's quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Flex 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.