Longbow Finance SA Takes $4.07 Million Position in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Longbow Finance SA has acquired a new position in Flex Ltd. worth approximately $4.07 million by purchasing 123,095 shares in the first quarter.
• Flex reported earnings per share of $0.72 for the last quarter, exceeding analysts' expectations by $0.09, with revenue reaching $6.58 billion.
• Insiders have sold a total of nearly 1.14 million shares of Flex stock worth around $47.58 million in the last 90 days.

Longbow Finance SA bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 123,095 shares of the technology company's stock, valued at approximately $4,072,000.

A number of other hedge funds also recently made changes to their positions in FLEX. Evergreen Capital Management LLC raised its holdings in shares of Flex by 1.0% during the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock valued at $925,000 after acquiring an additional 246 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of Flex by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock worth $488,000 after buying an additional 266 shares during the period. Dynasty Wealth Management LLC boosted its holdings in Flex by 0.7% in the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company's stock valued at $1,232,000 after purchasing an additional 276 shares during the period. SBI Securities Co. Ltd. boosted its holdings in Flex by 30.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company's stock valued at $43,000 after purchasing an additional 306 shares during the period. Finally, Stephens Inc. AR boosted its holdings in Flex by 2.7% in the 1st quarter. Stephens Inc. AR now owns 12,634 shares of the technology company's stock valued at $418,000 after purchasing an additional 332 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Performance

FLEX traded up $0.32 during trading hours on Friday, hitting $49.99. The stock had a trading volume of 3,961,468 shares, compared to its average volume of 5,286,389. The company has a quick ratio of 0.79, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The stock 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 1 year low of $25.11 and a 1 year high of $53.97. The company's fifty day simple moving average is $47.06 and its 200 day simple moving average is $40.64.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.09. The company had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. Flex's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 EPS. Equities analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 35,393 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the transaction, the insider directly owned 293,195 shares of the company's stock, valued at $12,569,269.65. This represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president owned 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FLEX. JPMorgan Chase & Co. increased 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. Wall Street Zen upgraded shares of Flex from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Stifel Nicolaus lifted their price target on shares of Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a research note on Friday, July 11th. Finally, Bank of America lifted their price target on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. 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, the stock presently has a consensus rating of "Buy" and a consensus target price of $53.71.

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.