Praxis Capital Management LLC Makes New $544,000 Investment in Flex Ltd. $FLEX

Key Points

• Praxis Capital Management opened a new position in Flex Ltd., buying 9,000 shares worth about $544,000 in the fourth quarter. The stake makes up about 1.9% of Praxis’s portfolio.
• Flex reported strong quarterly results, posting $0.93 EPS on $7.48 billion in revenue. Analysts expect the company to earn 4.15 EPS for the current fiscal year.
• Wall Street sentiment has turned notably bullish: several analysts raised price targets sharply, and Flex now carries an average rating of Moderate Buy with a consensus target price of $112.80.

Praxis Capital Management LLC bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 9,000 shares of the technology company's stock, valued at approximately $544,000. Flex comprises about 1.9% of Praxis Capital Management LLC's holdings, making the stock its 18th biggest position.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Frazier Financial Advisors LLC purchased a new stake in shares of Flex during the 4th quarter valued at about $28,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Flex during the 4th quarter valued at about $324,000. Beck Bode LLC purchased a new stake in shares of Flex during the 4th quarter valued at about $343,000. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Flex by 7.2% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,353 shares of the technology company's stock valued at $565,000 after purchasing an additional 632 shares during the last quarter. Finally, Leonteq Securities AG purchased a new stake in shares of Flex during the 4th quarter valued at about $69,000. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Trading Up 1.1%

FLEX stock opened at $132.47 on Friday. Flex Ltd. has a 1-year low of $40.15 and a 1-year high of $147.34. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The company has a market capitalization of $48.53 billion, a price-to-earnings ratio of 56.85, a PEG ratio of 0.70 and a beta of 1.46. The business has a 50 day simple moving average of $90.64 and a two-hundred day simple moving average of $72.62.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. Research analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Robert W. Baird set a $165.00 price target on shares of Flex in a research report on Thursday, May 7th. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Barclays upped their price target on shares of Flex from $72.00 to $174.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. KeyCorp upped their price target on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group boosted their price objective on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Flex currently has an average rating of "Moderate Buy" and a consensus target price of $112.80.

Insiders Place Their Bets

In other Flex news, CEO Revathi Advaithi sold 114,090 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $16,242,993.30. Following the completion of the transaction, the chief executive officer directly owned 689,022 shares in the company, valued at $98,096,062.14. This represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles K. Stevens III sold 15,000 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $138.14, for a total value of $2,072,100.00. Following the completion of the transaction, the director owned 45,426 shares of the company's stock, valued at $6,275,147.64. The trade was a 24.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 226,512 shares of company stock worth $30,720,858 over the last ninety days. 0.57% of the stock is owned by company insiders.

Flex Company Profile

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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