Y Intercept Hong Kong Ltd Invests $1.09 Million in Flex Ltd. $FLEX

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Flex during the first quarter, buying 16,699 shares worth about $1.09 million.
• Institutional ownership in Flex remains heavy at 94.3%, with major investors like Vanguard and Norges Bank also increasing or initiating stakes recently.
• Shares of Flex fell 3.0% to $135.80, even as analysts remain broadly positive with a Moderate Buy consensus and a $115.70 average price target.

Y Intercept Hong Kong Ltd bought a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 16,699 shares of the technology company's stock, valued at approximately $1,093,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after buying an additional 25,662,586 shares in the last quarter. Norges Bank purchased a new position in shares of Flex during the fourth quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of Flex in the 4th quarter valued at $2,497,000. Sequoia Financial Advisors LLC grew its holdings in shares of Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock valued at $10,469,000 after purchasing an additional 19,270 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Flex by 62.3% in the 4th quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock worth $20,566,000 after purchasing an additional 130,641 shares during the period. Institutional investors own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of recent research reports. KeyCorp boosted their target price on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Zacks Research cut Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Barclays raised their target price on shares of Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. Finally, The Goldman Sachs Group lifted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $115.70.

Flex Trading Down 3.0%

NASDAQ FLEX traded down $4.14 on Friday, hitting $135.80. The company's stock had a trading volume of 2,723,100 shares, compared to its average volume of 9,241,478. The firm has a market cap of $49.75 billion, a P/E ratio of 58.28, a PEG ratio of 0.71 and a beta of 1.64. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. The company's 50-day simple moving average is $142.50 and its 200 day simple moving average is $93.60. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

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

Insider Activity at Flex

In other news, CAO Daniel Wendler sold 1,311 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total transaction of $190,357.20. Following the sale, the chief accounting officer owned 37,932 shares in the company, valued at approximately $5,507,726.40. The trade was a 3.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the sale, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. This represents a 6.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last ninety days. Insiders own 0.62% of the company's stock.

Flex Company Profile

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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