Lombard Odier Asset Management Europe Ltd Invests $4.95 Million in Flex Ltd. $FLEX

Key Points

• Lombard Odier Asset Management Europe Ltd opened a new position in Flex, buying 75,605 shares worth about $4.95 million in the first quarter.
• Flex saw additional institutional buying, and hedge funds and other institutions now own 94.30% of the company’s stock, though several insiders recently sold shares.
• Analysts remain mostly positive on Flex, with a Moderate Buy consensus and an average price target of $115.70, while the company also reported quarterly EPS of $0.93 on revenue of $7.48 billion.

Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 75,605 shares of the technology company's stock, valued at approximately $4,949,000.

Other institutional investors have also added to or reduced their stakes in the company. JSF Financial LLC increased its position in shares of Flex by 0.6% in the first quarter. JSF Financial LLC now owns 20,504 shares of the technology company's stock valued at $1,342,000 after acquiring an additional 115 shares during the period. Glenview Trust Co raised its stake in shares of Flex by 3.4% during the first quarter. Glenview Trust Co now owns 3,775 shares of the technology company's stock valued at $247,000 after acquiring an additional 125 shares during the last quarter. Resonant Capital Advisors LLC boosted its holdings in shares of Flex by 2.1% during the first quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company's stock worth $522,000 after purchasing an additional 163 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after purchasing an additional 166 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in Flex by 7.9% during the 1st quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company's stock valued at $159,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insider Transactions at Flex

In other news, COO Kwang Hooi Tan sold 26,657 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the sale, the chief operating officer directly owned 257,527 shares of the company's stock, valued at $37,207,500.96. This represents a 9.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,627 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider owned 253,199 shares of the company's stock, valued at approximately $36,582,191.52. The trade was a 8.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last ninety days. 0.62% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Robert W. Baird set a $165.00 price objective on Flex in a report on Thursday, May 7th. Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. raised their price target on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Barclays lifted their price target on shares of Flex from $174.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday, June 4th. Finally, Zacks Research downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Flex currently has an average rating of "Moderate Buy" and an average target price of $115.70.

Flex Stock Performance

Flex stock opened at $118.51 on Friday. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The stock's 50 day simple moving average is $141.37 and its two-hundred day simple moving average is $97.96. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The stock has a market cap of $43.42 billion, a price-to-earnings ratio of 50.86, a PEG ratio of 0.62 and a beta of 1.64.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The firm had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, analysts expect that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.

Flex Company Profile

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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