Tidal Investments LLC Acquires Shares of 8,453 Flex Ltd. (NASDAQ:FLEX)

Tidal Investments LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,453 shares of the technology company's stock, valued at approximately $325,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd bought a new position in Flex in the fourth quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Flex in the fourth quarter valued at about $35,000. SBI Securities Co. Ltd. bought a new position in Flex in the fourth quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position 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 valued at $38,000 after acquiring an additional 509 shares during the last quarter. Finally, Huntington National Bank boosted its stake in shares of Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock valued at $58,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Insider Activity

In related news, CEO Revathi Advaithi sold 164,700 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total transaction of $6,915,753.00. Following the completion of the sale, the chief executive officer now owns 1,319,823 shares in the company, valued at approximately $55,419,367.77. This represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the sale, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 489,255 shares of company stock worth $19,589,788 over the last quarter. 0.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FLEX has been the topic of a number of recent research reports. KeyCorp lifted their price target on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group cut their price target on Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. cut their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Wall Street Zen raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $45.33.

Flex Trading Down 1.0%

FLEX traded down $0.45 during trading on Wednesday, hitting $42.77. The company's stock had a trading volume of 2,612,486 shares, compared to its average volume of 3,883,336. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The stock's fifty day moving average price is $36.06 and its 200-day moving average price is $38.12. The firm has a market capitalization of $15.97 billion, a P/E ratio of 17.25, a PEG ratio of 2.43 and a beta of 1.04.

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

About Flex

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.