Y Intercept Hong Kong Ltd Acquires Shares of 37,681 Flex Ltd. (NASDAQ:FLEX)

Y Intercept Hong Kong Ltd purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,681 shares of the technology company's stock, valued at approximately $1,246,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. Vanguard Group Inc. lifted its stake in shares of Flex by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company's stock worth $472,155,000 after purchasing an additional 817,215 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Flex by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock worth $326,833,000 after purchasing an additional 916,085 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Flex by 6.0% during the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company's stock worth $246,006,000 after purchasing an additional 361,049 shares during the last quarter. Norges Bank purchased a new stake in shares of Flex during the 4th quarter worth $229,484,000. Finally, Invesco Ltd. lifted its stake in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after purchasing an additional 1,620,812 shares during the last quarter. Institutional investors own 94.30% of the company's stock.

Flex Stock Performance

Shares of NASDAQ:FLEX traded up $0.32 during trading on Friday, hitting $49.99. The stock had a trading volume of 3,961,468 shares, compared to its average volume of 5,286,389. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $53.97. The stock has a market capitalization of $18.68 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 1.83 and a beta of 1.07. The company has a quick ratio of 0.79, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $47.06 and a two-hundred day simple moving average of $40.64.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $6.27 billion. During the same period last year, the business posted $0.51 earnings per share. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Kwang Hooi Tan sold 37,533 shares of Flex stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the completion of the transaction, the chief operating officer directly owned 269,151 shares in the company, valued at approximately $11,538,503.37. This trade represents a 12.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president owned 71,001 shares of the company's stock, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,135,941 shares of company stock valued at $47,582,965 in the last ninety days. Insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FLEX. The Goldman Sachs Group restated a "buy" rating on shares of Flex in a research note on Friday, July 11th. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. KeyCorp increased their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. increased their price target on Flex from $44.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Barclays increased their price target on Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Friday. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has a consensus rating of "Buy" and an average target price of $53.71.

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.