Corbyn Investment Management Inc. MD Makes New $2.32 Million Investment in Flex Ltd. (NASDAQ:FLEX)

Corbyn Investment Management Inc. MD bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 76,100 shares of the technology company's stock, valued at approximately $2,318,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ardsley Advisory Partners LP grew its position in shares of Flex by 11.5% during the 3rd quarter. Ardsley Advisory Partners LP now owns 393,500 shares of the technology company's stock worth $10,617,000 after buying an additional 40,500 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Flex in the 4th quarter worth approximately $2,909,000. Vontobel Holding Ltd. raised its holdings in Flex by 21.8% during the 4th quarter. Vontobel Holding Ltd. now owns 201,902 shares of the technology company's stock valued at $6,150,000 after buying an additional 36,082 shares during the last quarter. Legal & General Group Plc increased its position in Flex by 9.3% during the 3rd quarter. Legal & General Group Plc now owns 2,291,905 shares of the technology company's stock valued at $61,836,000 after purchasing an additional 195,447 shares during the period. Finally, Vanguard Group Inc. increased its position in Flex by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company's stock valued at $150,583,000 after purchasing an additional 302,086 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP David Scott Offer sold 75,000 shares of the firm's stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares of the company's stock, valued at $4,460,826.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Rebecca Sidelinger sold 13,675 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total value of $382,763.25. Following the sale, the insider now owns 161,913 shares in the company, valued at $4,531,944.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 75,000 shares of the business's stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the sale, the executive vice president now directly owns 162,094 shares of the company's stock, valued at approximately $4,460,826.88. The disclosure for this sale can be found here. Insiders sold a total of 141,943 shares of company stock worth $4,055,311 in the last three months. Company insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FLEX shares. StockNews.com started coverage on shares of Flex in a research note on Wednesday, March 6th. They set a "hold" rating on the stock. JPMorgan Chase & Co. boosted their price target on Flex from $32.00 to $34.00 and gave the stock an "overweight" rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group upped their target price on Flex from $29.00 to $37.00 and gave the stock a "buy" rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Flex has a consensus rating of "Moderate Buy" and a consensus target price of $34.20.

Flex Stock Performance

Shares of NASDAQ:FLEX traded up $0.27 on Friday, hitting $28.97. The company's stock had a trading volume of 2,934,619 shares, compared to its average volume of 4,833,863. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.86 and a current ratio of 1.59. Flex Ltd. has a 12 month low of $19.44 and a 12 month high of $30.93. The company has a market capitalization of $12.20 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. The stock's 50-day moving average is $28.44 and its two-hundred day moving average is $26.77.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.10. Flex had a return on equity of 16.24% and a net margin of 2.56%. The company had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.73 billion. On average, equities research analysts forecast that Flex Ltd. will post 2.16 EPS for the current year.

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.