Tidal Investments LLC Has $10.58 Million Position in Flex Ltd. $FLEX

Key Points

• Tidal Investments significantly increased its Flex stake by 1,713.9% in the second quarter, holding 65,263 shares valued at approximately $10.58 million. Institutional investors collectively own 94.3% of Flex.
• Analyst sentiment remains broadly positive, with one Strong Buy, nine Buy and two Hold ratings; the consensus rating is “Moderate Buy,” with an average price target of $114.20.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Insiders sold $61.9 million worth of stock over the past three months, primarily to cover tax obligations tied to equity awards.

Tidal Investments LLC grew its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 1,713.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,263 shares of the technology company's stock after buying an additional 61,665 shares during the period. Tidal Investments LLC's holdings in Flex were worth $10,577,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. IPG Investment Advisors LLC bought a new stake in Flex in the second quarter valued at approximately $319,000. WINTON GROUP Ltd acquired a new position in shares of Flex in the 2nd quarter worth approximately $438,000. Baird Financial Group Inc. bought a new stake in shares of Flex in the 2nd quarter valued at $959,000. Arizona State Retirement System increased its position in shares of Flex by 4.9% during the second quarter. Arizona State Retirement System now owns 105,416 shares of the technology company's stock worth $17,085,000 after buying an additional 4,935 shares during the period. Finally, Waverly Advisors LLC acquired a new stake in shares of Flex during the second quarter worth $603,000. 94.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FLEX shares. Wall Street Zen lowered shares of Flex from a "buy" rating to a "hold" rating in a report on Saturday. Robert W. Baird set a $142.00 price objective on Flex in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 price objective on Flex and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Flex in a research report on Friday, July 17th. Finally, The Goldman Sachs Group decreased their target price on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $114.20.

Insider Transactions at Flex

In related news, EVP David Offer sold 20,812 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.47, for a total value of $3,006,709.64. Following the transaction, the executive vice president directly owned 97,779 shares in the company, valued at $14,126,132.13. This trade represents a 17.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Hartung sold 22,627 shares of Flex stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares of the company's stock, valued at approximately $36,582,191.52. The trade was a 8.20% decrease in their position. 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. Insiders have sold a total of 426,938 shares of company stock worth $61,941,083 in the last three months. Insiders own 0.62% of the company's stock.

Flex Trading Up 7.2%

FLEX opened at $115.78 on Friday. The company has a fifty day moving average price of $119.07 and a two-hundred day moving average price of $110.45. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86. The company has a market cap of $42.77 billion, a P/E ratio of 44.70, a price-to-earnings-growth ratio of 0.55 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The company had revenue of $7.93 billion for the quarter. Analysts predict that Flex Ltd. will post 4.27 EPS for the current fiscal year.

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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