Sanders Morris Harris LLC Takes Position in Flex Ltd. $FLEX

Key Points

• Sanders Morris Harris LLC has acquired a new stake in Flex Ltd. by purchasing 5,100 shares valued at approximately $255,000 in the 2nd quarter of 2023, highlighting increasing institutional interest in the company.
• Flex Ltd. reported earnings of $0.72 per share for the last quarter, outperforming analyst estimates and showing a year-over-year revenue increase of 4.1% to $6.58 billion.
• The stock has a market cap of $23.55 billion with a current P/E ratio of 27.52, and multiple analysts have recently raised their price targets, indicating a generally positive outlook for the company.

Sanders Morris Harris LLC purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,100 shares of the technology company's stock, valued at approximately $255,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Probity Advisors Inc. increased its holdings in shares of Flex by 18.1% during the second quarter. Probity Advisors Inc. now owns 9,688 shares of the technology company's stock valued at $484,000 after acquiring an additional 1,482 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Flex during the second quarter valued at $2,005,000. Ifrah Financial Services Inc. purchased a new stake in shares of Flex during the second quarter valued at $267,000. Koshinski Asset Management Inc. purchased a new stake in shares of Flex during the second quarter valued at $302,000. Finally, Tower Wealth Partners Inc. boosted its position in shares of Flex by 4.4% during the second quarter. Tower Wealth Partners Inc. now owns 6,731 shares of the technology company's stock valued at $336,000 after buying an additional 286 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Up 1.0%

FLEX stock opened at $62.75 on Tuesday. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $64.29. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The stock has a market cap of $23.55 billion, a P/E ratio of 27.52, a PEG ratio of 2.02 and a beta of 1.15. The business's 50-day moving average price is $56.04 and its 200-day moving average price is $47.62.

Flex (NASDAQ:FLEX - Get Free Report) last posted 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 return on equity of 20.25% and a net margin of 3.42%.The firm had revenue of $6.58 billion for the quarter, compared to analysts' expectations of $6.27 billion. During the same period in the previous year, the firm earned $0.51 EPS. The business's quarterly revenue was up 4.1% on a year-over-year basis. Flex has set its FY 2026 guidance at 2.860-3.060 EPS. Q2 2026 guidance at 0.700-0.780 EPS. On average, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the transaction, the director directly owned 111,355 shares of the company's stock, valued at approximately $5,767,075.45. The trade was a 8.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Daniel Wendler sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total value of $566,600.00. Following the completion of the transaction, the chief accounting officer directly owned 37,619 shares in the company, valued at approximately $2,131,492.54. This represents a 21.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,020 shares of company stock worth $4,923,667 in the last quarter. 0.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on FLEX. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flex in a research report on Wednesday, October 8th. KGI Securities cut Flex from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. increased their price objective on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Bank of America increased their price objective on Flex from $58.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group set a $66.00 target price on Flex in a research report on Monday, September 29th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $59.71.

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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