SG Capital Management LLC Invests $9.37 Million in Flex Ltd. (NASDAQ:FLEX)

SG Capital Management LLC bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 244,113 shares of the technology company's stock, valued at approximately $9,371,000. Flex makes up about 0.9% of SG Capital Management LLC's investment portfolio, making the stock its 26th biggest position. SG Capital Management LLC owned 0.06% of Flex at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Barclays PLC increased its stake in Flex by 42.6% in the 3rd quarter. Barclays PLC now owns 774,856 shares of the technology company's stock worth $25,902,000 after purchasing an additional 231,572 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company's stock valued at $202,152,000 after purchasing an additional 296,505 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in shares of Flex during the fourth quarter valued at $321,000. Park Avenue Securities LLC grew its stake in Flex by 12.2% during the 4th quarter. Park Avenue Securities LLC now owns 24,484 shares of the technology company's stock valued at $940,000 after acquiring an additional 2,654 shares in the last quarter. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Flex during the fourth quarter worth approximately $219,000. Institutional investors own 94.30% of the company's stock.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 32,173 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $1,350,944.27. Following the completion of the transaction, the insider now directly owns 270,483 shares in the company, valued at $11,357,581.17. This represents a 10.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Daniel Wendler sold 4,502 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total transaction of $189,038.98. Following the completion of the sale, the chief accounting officer now directly owns 38,676 shares of the company's stock, valued at approximately $1,624,005.24. This trade represents a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 475,255 shares of company stock valued at $19,002,628. Insiders own 0.82% of the company's stock.

Flex Stock Down 0.3%

Shares of Flex stock opened at $41.95 on Friday. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average price of $34.12 and a two-hundred day moving average price of $37.65. The stock has a market capitalization of $16.07 billion, a P/E ratio of 16.92, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. Flex's revenue was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $0.57 EPS. Equities analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. StockNews.com downgraded shares of Flex from a "buy" rating to a "hold" rating in a research report on Monday. Barclays increased their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, KeyCorp lifted their price objective on shares of Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $45.33.

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.

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