Verdence Capital Advisors LLC Acquires Shares of 14,052 Flex Ltd. (NASDAQ:FLEX)

Verdence Capital Advisors LLC bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,052 shares of the technology company's stock, valued at approximately $465,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Olde Wealth Management LLC purchased a new stake in Flex during the first quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in Flex during the 1st quarter valued at approximately $26,000. CX Institutional acquired a new position in Flex during the 1st quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Flex during the 4th quarter valued at approximately $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after purchasing an additional 509 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Stock Performance

Shares of NASDAQ:FLEX traded down $0.12 during midday trading on Friday, reaching $53.06. The company's stock had a trading volume of 3,852,754 shares, compared to its average volume of 4,049,835. The stock has a fifty day moving average of $46.05 and a 200 day moving average of $40.25. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $53.75. The firm has a market capitalization of $19.83 billion, a PE ratio of 25.03, a P/E/G ratio of 1.97 and a beta of 1.07. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The firm's quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday. Bank of America upped their price target on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Barclays upped their price target on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a research note on Friday, July 11th. Finally, KeyCorp increased their price objective on shares of Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $52.29.

Insider Activity

In related news, EVP David Scott Offer sold 6,887 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the executive vice president directly owned 148,643 shares of the company's stock, valued at approximately $6,690,421.43. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 6,887 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the insider directly owned 303,718 shares in the company, valued at $13,670,347.18. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last three months. Corporate insiders own 0.57% of the company's stock.

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.