Maxi Investments CY Ltd Purchases 20,918 Shares of Flex Ltd. (NASDAQ:FLEX)

Key Points

• Maxi Investments CY Ltd increased its stake in Flex Ltd. by 46.9% in the first quarter, adding 20,918 shares to bring its total holdings to 65,493 shares valued at approximately $2.17 million.
• Flex Ltd. recently reported earnings of $0.72 per share, exceeding analysts' expectations, and achieved a revenue of $6.58 billion, which was 4.1% higher than the previous year.
• Analyst ratings for Flex show a predominantly positive outlook, with seven buy ratings, one strong buy, and a consensus target price increase to $53.71.

Maxi Investments CY Ltd boosted its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 46.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,493 shares of the technology company's stock after acquiring an additional 20,918 shares during the quarter. Maxi Investments CY Ltd's holdings in Flex were worth $2,167,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new stake in shares of Flex during the first quarter worth $26,000. Cullen Frost Bankers Inc. bought a new stake in shares of Flex in the first quarter worth $26,000. CX Institutional bought a new stake in shares of Flex in the first quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the fourth quarter worth $35,000. Finally, CWM LLC grew its stake in shares of Flex by 73.3% in the first quarter. CWM LLC now owns 1,281 shares of the technology company's stock worth $42,000 after purchasing an additional 542 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FLEX has been the topic of several recent analyst reports. The Goldman Sachs Group restated a "buy" rating on shares of Flex in a report on Friday, July 11th. Bank of America boosted their target price on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. KGI Securities lowered shares of Flex from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. KeyCorp boosted their target price on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $53.71.

Flex Stock Performance

NASDAQ FLEX opened at $50.94 on Tuesday. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $53.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The stock has a market capitalization of $19.12 billion, a PE ratio of 22.34, a P/E/G ratio of 1.69 and a beta of 1.05. The company's 50 day simple moving average is $48.14 and its two-hundred day simple moving average is $41.03.

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

Insider Activity

In related news, CEO Revathi Advaithi sold 37,465 shares of Flex stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total value of $1,686,299.65. Following the transaction, the chief executive officer owned 1,363,312 shares in the company, valued at $61,362,673.12. This trade represents a 2.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the completion of the transaction, the executive vice president owned 148,643 shares in the company, valued at approximately $6,690,421.43. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,061,348 shares of company stock worth $45,038,292. Corporate insiders own 0.57% of the company's stock.

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.

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