National Bank of Canada FI Has $11.72 Million Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• National Bank of Canada FI increased its stake in Flex Ltd. by 17.1%, acquiring an additional 51,784 shares and holding approximately 354,323 shares valued at $11.7 million.
• Flex Ltd. recently reported earnings of $0.72 EPS, exceeding estimates, with revenues of $6.58 billion for the quarter, reflecting a 4.1% year-over-year growth.
• Analysts have issued a consensus rating of "Buy" for Flex Ltd., with a target price boost from $50 to $60 enhancing positive market outlook.

National Bank of Canada FI boosted its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 17.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 354,323 shares of the technology company's stock after buying an additional 51,784 shares during the period. National Bank of Canada FI owned 0.09% of Flex worth $11,718,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FLEX. Olde Wealth Management LLC purchased a new position in shares of Flex in the 1st quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new stake in Flex during the 1st quarter worth $26,000. CX Institutional acquired a new stake in shares of Flex in the first quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Flex in the 4th quarter worth approximately $35,000. Finally, CWM LLC lifted its position in shares of Flex by 73.3% during 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 in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $0.91 on Thursday, hitting $49.44. The company's stock had a trading volume of 3,080,820 shares, compared to its average volume of 4,116,593. The company has a market capitalization of $18.56 billion, a price-to-earnings ratio of 21.68, a price-to-earnings-growth ratio of 1.76 and a beta of 1.05. The stock's 50-day moving average is $49.25 and its two-hundred day moving average is $41.38. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $53.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $6.27 billion. During the same quarter last year, the business earned $0.51 earnings per share. The business's revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling

In other Flex news, EVP David Scott Offer sold 35,394 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,517,340.78. Following the transaction, the executive vice president owned 140,013 shares in the company, valued at approximately $6,002,357.31. The trade was a 20.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Kwang Hooi Tan sold 37,533 shares of Flex stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total value of $1,609,039.71. Following the completion of 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. Over the last three months, insiders have sold 673,186 shares of company stock worth $29,208,462. 0.57% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on FLEX. Bank of America boosted their price objective on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. KGI Securities downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. KeyCorp lifted their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Finally, Barclays increased their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of "Buy" and an average target price of $53.71.

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.