Lake Street Advisors Group LLC Purchases New Holdings in Flex Ltd. (NASDAQ:FLEX)

Lake Street Advisors Group LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 17,166 shares of the technology company’s stock, valued at approximately $491,000.

Several other large investors also recently added to or reduced their stakes in FLEX. American Century Companies Inc. lifted its stake in Flex by 11.2% in the 3rd quarter. American Century Companies Inc. now owns 160,097 shares of the technology company’s stock worth $4,319,000 after acquiring an additional 16,170 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Flex by 5.7% during the third quarter. Vanguard Group Inc. now owns 5,581,270 shares of the technology company’s stock worth $150,583,000 after purchasing an additional 302,086 shares during the period. Raymond James & Associates grew its position in Flex by 7.7% during the fourth quarter. Raymond James & Associates now owns 593,439 shares of the technology company’s stock valued at $18,076,000 after purchasing an additional 42,400 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Flex by 2.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 72,447 shares of the technology company’s stock valued at $2,207,000 after buying an additional 1,953 shares during the period. Finally, Global Retirement Partners LLC boosted its stake in shares of Flex by 8.4% during the 4th quarter. Global Retirement Partners LLC now owns 8,746 shares of the technology company’s stock valued at $266,000 after buying an additional 679 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Flex

In other Flex news, insider Kwang Hooi Tan sold 14,599 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $418,261.35. Following the sale, the insider now owns 163,656 shares of the company’s stock, valued at approximately $4,688,744.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Revathi Advaithi sold 37,170 shares of Flex stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $1,163,421.00. Following the sale, the chief executive officer now directly owns 2,057,473 shares of the company’s stock, valued at $64,398,904.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kwang Hooi Tan sold 14,599 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.65, for a total value of $418,261.35. Following the completion of the transaction, the insider now directly owns 163,656 shares of the company’s stock, valued at approximately $4,688,744.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 804,542 shares of company stock worth $25,147,972. Company insiders own 0.82% of the company’s stock.

Flex Stock Performance

Shares of FLEX stock traded up $2.04 during trading on Wednesday, reaching $31.76. The company had a trading volume of 7,556,686 shares, compared to its average volume of 4,549,639. The firm’s 50 day simple moving average is $31.00 and its two-hundred day simple moving average is $28.50. Flex Ltd. has a one year low of $21.84 and a one year high of $34.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.52 and a quick ratio of 0.79. The company has a market capitalization of $12.67 billion, a PE ratio of 14.02, a PEG ratio of 1.97 and a beta of 1.12.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. Sell-side analysts forecast that Flex Ltd. will post 2.06 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FLEX shares. Barclays upped their price target on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a research note on Wednesday, June 26th. Craig Hallum lowered Flex from a “buy” rating to a “hold” rating and reduced their price target for the company from $28.00 to $27.00 in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. increased their price objective on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.40.

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.