Waterway Wealth Management LLC Purchases New Position in Flex Ltd. $FLEX

Key Points

• Waterway Wealth Management disclosed a new position in Flex, buying 19,267 shares worth about $1.16 million in the fourth quarter.
• Flex reported quarterly earnings of $0.93 per share on revenue of $7.48 billion, with analysts forecasting full-year EPS of 4.15.
• Several analysts remain positive on the stock, with Goldman Sachs lifting its target to $177; overall, FLEX carries a Moderate Buy consensus and a $115.70 average target price.

Waterway Wealth Management LLC purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 19,267 shares of the technology company's stock, valued at approximately $1,164,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLEX. Parkside Financial Bank & Trust grew its holdings in Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after acquiring an additional 166 shares during the last quarter. Parallel Advisors LLC grew its holdings in Flex by 5.3% during the 3rd quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company's stock worth $208,000 after acquiring an additional 181 shares during the last quarter. Parcion Private Wealth LLC grew its holdings in Flex by 1.5% during the 4th quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company's stock worth $855,000 after acquiring an additional 216 shares during the last quarter. US Bancorp DE grew its holdings in Flex by 1.2% during the 3rd quarter. US Bancorp DE now owns 19,729 shares of the technology company's stock worth $1,144,000 after acquiring an additional 225 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in Flex by 3.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 8,063 shares of the technology company's stock worth $403,000 after acquiring an additional 257 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Down 1.5%

Shares of NASDAQ FLEX opened at $146.93 on Wednesday. The company has a market capitalization of $53.83 billion, a P/E ratio of 63.06, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64. Flex Ltd. has a 52-week low of $43.62 and a 52-week high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company's 50 day moving average price is $119.05 and its 200-day moving average price is $83.35.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The firm had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Equities analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current year.

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 114,090 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer owned 689,022 shares in the company, valued at approximately $98,096,062.14. The trade was a 14.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,216 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the completion of the transaction, the insider owned 232,706 shares in the company, valued at $33,132,680.28. This trade represents a 8.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 345,012 shares of company stock worth $48,508,103. Company insiders own 0.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FLEX shares. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. The Goldman Sachs Group boosted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus boosted their target price on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Flex presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.70.

About Flex

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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