Townsquare Capital LLC Buys New Shares in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Townsquare Capital LLC has acquired 56,374 shares of Flex Ltd. valued at approximately $1,865,000 as part of its recent investment activities.
• Wall Street analysts have given Flex a mixed outlook, with target price adjustments ranging from $52.00 to $60.00, and an average rating of "Buy".
• Flex reported strong quarterly earnings, exceeding estimates with $0.72 earnings per share and revenues of $6.58 billion, marking a year-over-year increase of 4.1%.

Townsquare Capital LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 56,374 shares of the technology company's stock, valued at approximately $1,865,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Olde Wealth Management LLC bought a new position in Flex during the first quarter valued at $26,000. Cullen Frost Bankers Inc. bought a new position in shares of Flex during the 1st quarter worth $26,000. CX Institutional bought a new stake in Flex in the 1st quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Flex during the fourth quarter valued at about $35,000. Finally, CWM LLC boosted its position in Flex by 73.3% during the first quarter. CWM LLC now owns 1,281 shares of the technology company's stock worth $42,000 after purchasing an additional 542 shares during the period. 94.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FLEX shares. The Goldman Sachs Group restated a "buy" rating on shares of Flex in a research note on Friday, July 11th. JPMorgan Chase & Co. increased their target price on Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. KeyCorp lifted their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Stifel Nicolaus boosted their price objective on Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Barclays raised their target price on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $53.71.

Insider Activity at Flex

In other news, COO Kwang Hooi Tan sold 37,533 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the sale, the chief operating officer owned 269,151 shares in the company, valued at approximately $11,538,503.37. This trade represents a 12.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Revathi Advaithi sold 181,028 shares of Flex stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the sale, the chief executive officer directly owned 1,463,695 shares of the company's stock, valued at $62,807,152.45. This represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 659,186 shares of company stock worth $28,621,302 in the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Flex Price Performance

Shares of FLEX stock traded down $0.44 on Friday, reaching $49.00. The company's stock had a trading volume of 4,663,018 shares, compared to its average volume of 4,225,455. The company has a market capitalization of $18.39 billion, a P/E ratio of 21.49, a PEG ratio of 1.68 and a beta of 1.05. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $53.97. The stock's 50 day simple moving average is $49.51 and its 200-day simple moving average is $41.51. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $0.51 EPS. The company's revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.