Longbow Finance SA Invests $4.07 Million 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 acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 123,095 shares of the technology company's stock, valued at approximately $4,072,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Flex by 7.1% in 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 last quarter. Dimensional Fund Advisors LP raised its position in shares of Flex by 12.1% in 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 last quarter. JPMorgan Chase & Co. raised its position in shares of Flex by 6.0% in 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 last quarter. Norges Bank purchased a new position in shares of Flex in the 4th quarter worth about $229,484,000. Finally, Invesco Ltd. raised its position in shares of 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 last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the sale, the executive vice president directly owned 71,001 shares of the company's stock, valued at $2,586,566.43. This represents a 55.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Revathi Advaithi sold 181,028 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the sale, the chief executive officer directly owned 1,463,695 shares in the company, valued at $62,807,152.45. This trade represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,148,441 shares of company stock valued at $48,211,090. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on FLEX. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Flex in a research report on Friday, July 11th. Bank of America lifted their price target on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Barclays boosted their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. Stifel Nicolaus boosted their target price on Flex from $45.00 to $52.00 and gave the stock a "buy" rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Flex has a consensus rating of "Buy" and an average price target of $53.71.

Flex Stock Performance

Shares of Flex stock traded up $0.88 during trading hours on Tuesday, reaching $51.37. 2,375,022 shares of the stock traded hands, compared to its average volume of 4,129,679. The company has a 50 day moving average price of $47.23 and a 200 day moving average price of $40.71. The firm has a market capitalization of $19.20 billion, a price-to-earnings ratio of 22.54, a P/E/G ratio of 1.84 and a beta of 1.07. 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 Ltd. has a one year low of $25.11 and a one year high of $53.97.

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

About Flex

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.