Soviero Asset Management LP Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Soviero Asset Management LP bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 105,000 shares of the technology company's stock, valued at approximately $4,031,000. Flex makes up approximately 2.5% of Soviero Asset Management LP's portfolio, making the stock its 14th biggest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd bought a new position in Flex in the fourth quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Flex in the fourth quarter worth $35,000. SBI Securities Co. Ltd. bought a new position in Flex in the fourth quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after purchasing an additional 509 shares in the last quarter. Finally, Huntington National Bank raised its holdings in Flex by 46.7% in the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLEX. Stifel Nicolaus began coverage on Flex in a report on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price objective for the company. Wall Street Zen raised Flex from a "hold" rating to a "buy" rating in a research note on Tuesday. KeyCorp increased their target price on Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Barclays increased their target price on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. cut their target price on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex presently has an average rating of "Buy" and an average price target of $45.33.

Flex Stock Up 0.6%

NASDAQ FLEX traded up $0.26 during mid-day trading on Thursday, reaching $41.44. The stock had a trading volume of 3,590,168 shares, compared to its average volume of 3,946,306. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The stock has a market cap of $15.88 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. The company has a fifty day moving average price of $34.87 and a 200 day moving average price of $37.88.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. Flex had a return on equity of 17.93% and a net margin of 3.95%. Flex's revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. On average, research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Activity

In other Flex news, CEO Revathi Advaithi sold 120,280 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $38.09, for a total value of $4,581,465.20. Following the transaction, the chief executive officer now directly owns 1,112,193 shares of the company's stock, valued at approximately $42,363,431.37. This trade represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Daniel Wendler sold 4,502 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $189,038.98. Following the completion of the transaction, the chief accounting officer now directly owns 38,676 shares in the company, valued at $1,624,005.24. The trade was a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 489,255 shares of company stock valued at $19,589,788 in the last 90 days. 0.82% of the stock is currently owned by insiders.

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.