Virtu Financial LLC Boosts Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Virtu Financial LLC increased its stake in Flex Ltd. by 125.2%, now holding 19,697 shares valued at approximately $652,000.
• Several institutional investors, including Invesco and Pacer Advisors, significantly boosted their positions in Flex during the first quarter, with 94.30% of the stock now owned by hedge funds.
• Analysts have raised their target prices for Flex, with a consensus rating of "Buy" and a target price of around $53.71, reflecting positive sentiment towards the company.

Virtu Financial LLC boosted its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 125.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,697 shares of the technology company's stock after buying an additional 10,950 shares during the period. Virtu Financial LLC's holdings in Flex were worth $652,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FLEX. Invesco Ltd. grew its position in Flex by 55.0% in the 1st quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock valued at $276,652,000 after buying an additional 2,968,285 shares during the last quarter. Pacer Advisors Inc. grew its position in Flex by 3,794.6% in the 1st quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after buying an additional 2,825,667 shares during the last quarter. Northern Trust Corp grew its position in Flex by 89.1% in the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after buying an additional 1,177,923 shares during the last quarter. LMR Partners LLP acquired a new stake in Flex in the fourth quarter valued at $36,470,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Flex by 12.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after acquiring an additional 916,085 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In related news, CEO Revathi Advaithi sold 181,028 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total value of $7,767,911.48. Following the completion of the transaction, the chief executive officer owned 1,463,695 shares of the company's stock, valued at approximately $62,807,152.45. The trade was a 11.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 35,394 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,517,340.78. Following the completion of the transaction, the executive vice president directly owned 140,013 shares of the company's stock, valued at $6,002,357.31. The trade was a 20.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 673,186 shares of company stock worth $29,208,462 in the last ninety days. Company insiders own 0.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. KeyCorp raised their target price on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. KGI Securities downgraded Flex from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Bank of America raised their target price on Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Barclays raised their target price on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Wall Street Zen raised Flex from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $53.71.

Flex Price Performance

Flex stock opened at $51.84 on Wednesday. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $53.97. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The firm's 50-day simple moving average is $49.10 and its 200 day simple moving average is $41.32. The firm has a market capitalization of $19.46 billion, a PE ratio of 22.74, a P/E/G ratio of 1.71 and a beta of 1.05.

Flex (NASDAQ:FLEX - Get Free Report) last announced its 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 net margin of 3.42% and a return on equity of 20.25%. The firm had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the previous year, the company posted $0.51 EPS. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

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.

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