Pacer Advisors Inc. Grows Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Pacer Advisors Inc. has significantly increased its stake in Flex Ltd. by 3,794.6%, acquiring a total of 2,900,133 shares valued at approximately $95.9 million.
• Insider trading activity showed that both the COO and CEO sold significant shares in June, reducing their stakes by 12.24% and 11.01% respectively.
• Flex Ltd. recently reported a quarterly earnings beat with $0.72 EPS, exceeding estimates of $0.63, and its stock has a current market capitalization of $18.56 billion.

Pacer Advisors Inc. raised its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 3,794.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 2,900,133 shares of the technology company's stock after purchasing an additional 2,825,667 shares during the period. Pacer Advisors Inc. owned approximately 0.76% of Flex worth $95,936,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock valued at $472,155,000 after purchasing an additional 817,215 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Flex by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after buying an additional 916,085 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after buying an additional 361,049 shares in the last quarter. Norges Bank bought a new position in shares of Flex during the 4th quarter worth approximately $229,484,000. Finally, Invesco Ltd. lifted its position in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after buying an additional 1,620,812 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Performance

Flex stock traded up $0.88 during mid-day trading on Tuesday, reaching $51.37. The company's stock had a trading volume of 2,228,498 shares, compared to its average volume of 4,129,011. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $53.97. The company has a market capitalization of $19.20 billion, a P/E ratio of 22.53, a PEG ratio of 1.84 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. The firm's fifty day moving average price is $47.23 and its two-hundred day moving average price is $40.71.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share 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 during the quarter, compared to analyst estimates of $6.27 billion. During the same period in the previous year, the business earned $0.51 EPS. Flex's revenue was up 4.1% compared to the same quarter last year. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer directly owned 1,463,695 shares in the company, valued at approximately $62,807,152.45. The trade was a 11.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 71,001 shares in the company, valued at approximately $2,586,566.43. The trade was a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,148,441 shares of company stock valued at $48,211,090 over the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lifted their target price on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. KeyCorp lifted their price target on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Bank of America lifted their price target on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Finally, Wall Street Zen raised shares of Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target 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.