Inlet Private Wealth LLC Makes New $2.15 Million Investment in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Inlet Private Wealth LLC has made a new investment of approximately $2.15 million in Flex Ltd., acquiring 65,070 shares during the first quarter, as disclosed in its recent SEC filing.
• Multiple institutional investors, including Vanguard Group Inc. and Dimensional Fund Advisors LP, have also increased their holdings in Flex, with institutional investors now owning 94.30% of the company's stock.
• Flex's stock received multiple upgrades from analysts, with JPMorgan Chase & Co. boosting their price target from $44.00 to $60.00 and maintaining an "overweight" rating, reflecting a strong bullish sentiment among analysts.

Inlet Private Wealth LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 65,070 shares of the technology company's stock, valued at approximately $2,153,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock worth $472,155,000 after purchasing an additional 817,215 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Flex by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after purchasing an additional 916,085 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after purchasing an additional 361,049 shares during the period. Norges Bank bought a new position in shares of Flex during the 4th quarter worth about $229,484,000. Finally, Invesco Ltd. increased its holdings in shares of Flex by 42.9% during 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. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Activity at Flex

In other news, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the transaction, the chief executive officer directly owned 1,463,695 shares in the company, valued at approximately $62,807,152.45. This represents a 11.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kwang Hooi Tan sold 37,533 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the transaction, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. The trade was a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last ninety days. Company insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. KeyCorp upped their target price 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. Stifel Nicolaus upped their target price on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Friday. Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Barclays upped their target price on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Friday. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Flex has a consensus rating of "Buy" and a consensus target price of $53.71.

Flex Price Performance

NASDAQ:FLEX opened at $49.99 on Monday. The firm has a market cap of $18.68 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $53.97. 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 company's 50-day moving average price is $47.06 and its two-hundred day moving average price is $40.63.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.09. The firm had revenue of $6.58 billion for 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%. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. On average, equities analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.

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