Sora Investors LLC Takes $2.83 Million Position in Flex Ltd. (NASDAQ:FLEX)

Sora Investors LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 73,815 shares of the technology company's stock, valued at approximately $2,834,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new stake in Flex in the fourth quarter valued at about $229,484,000. Invesco Ltd. lifted its holdings in shares of Flex by 42.9% in the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after acquiring an additional 1,620,812 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Flex by 210.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company's stock valued at $75,148,000 after purchasing an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC increased its position in Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after purchasing an additional 1,229,106 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after buying an additional 1,177,923 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Flex Stock Down 2.1%

Flex stock traded down $0.90 during mid-day trading on Wednesday, reaching $41.38. The stock had a trading volume of 1,773,745 shares, compared to its average volume of 3,945,239. The firm has a market capitalization of $15.85 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The stock's 50-day simple moving average is $34.61 and its 200-day simple moving average is $37.81. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The firm's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. On average, sell-side analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on FLEX shares. KeyCorp increased their target price on Flex from $35.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. The Goldman Sachs Group decreased their target price on Flex from $53.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus began coverage on 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. cut their price target on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Barclays lifted their price objective on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex currently has a consensus rating of "Buy" and an average price target of $45.33.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 87,093 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This represents a 55.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $189,038.98. Following the transaction, 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. Over the last 90 days, insiders sold 489,255 shares of company stock worth $19,589,788. 0.82% of the stock is owned by corporate insiders.

Flex Company 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.