Revere Asset Management Inc Makes New Investment in Flex Ltd. $FLEX

Key Points

• Revere Asset Management initiated a $6.87 million Flex stake, purchasing 42,412 shares in the second quarter. Flex now represents approximately 2.6% of the fund’s portfolio, while institutional investors collectively own 94.3% of the stock.
• Flex shares fell 6.4% to $108.32, despite the company reporting quarterly earnings of $1.00 per share on $7.93 billion in revenue. Analysts expect full-year earnings of $4.27 per share.
• Wall Street maintains a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $114.20, although several analysts recently lowered their targets. Flex insiders sold shares primarily to cover tax obligations tied to vested equity awards.

Revere Asset Management Inc acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 42,412 shares of the technology company's stock, valued at approximately $6,874,000. Flex accounts for approximately 2.6% of Revere Asset Management Inc's portfolio, making the stock its 7th biggest position.

Other hedge funds have also modified their holdings of the company. Frazier Financial Advisors LLC purchased a new stake in Flex in the 4th quarter worth $28,000. Gables Capital Management Inc. bought a new stake in Flex during the 4th quarter valued at approximately $42,000. Western Wealth Management LLC purchased a new position in Flex in the 1st quarter worth approximately $65,000. Leonteq Securities AG bought a new position in Flex in the 4th quarter worth approximately $69,000. Finally, Entrust Financial LLC purchased a new stake in Flex during the 4th quarter valued at approximately $73,000. 94.30% of the stock is currently owned by institutional investors.

Flex Trading Down 6.4%

FLEX stock traded down $7.46 during midday trading on Monday, reaching $108.32. 2,981,545 shares of the company traded hands, compared to its average volume of 4,876,301. The firm has a market capitalization of $40.01 billion, a price-to-earnings ratio of 41.82, a P/E/G ratio of 0.58 and a beta of 1.67. Flex Ltd. has a 52-week low of $53.07 and a 52-week high of $166.86. The business has a 50 day moving average of $119.07 and a 200-day moving average of $110.78. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. As a group, sell-side analysts expect that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 197,879 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the transaction, the chief executive officer directly owned 623,466 shares in the company, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Tan sold 26,657 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the completion of the sale, the chief operating officer directly owned 257,527 shares in the company, valued at $37,207,500.96. This trade represents a 9.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 356,776 shares of company stock valued at $51,558,846. Insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FLEX shares. The Goldman Sachs Group dropped their target price on shares of Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Barclays decreased their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Wall Street Zen lowered Flex from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reissued a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. Finally, Raymond James Financial set a $170.00 price objective on Flex and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.20.

Flex Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.

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