Flex Ltd. (NASDAQ:FLEX) Shares Acquired by BayBridge Capital Group LLC

BayBridge Capital Group LLC raised its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 5.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,165 shares of the technology company’s stock after purchasing an additional 597 shares during the period. BayBridge Capital Group LLC’s holdings in Flex were worth $369,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FLEX. Norges Bank acquired a new position in shares of Flex during the fourth quarter worth $229,484,000. Invesco Ltd. raised 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 buying an additional 1,620,812 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock worth $75,148,000 after buying an additional 1,327,298 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Flex by 13,790.0% in the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after buying an additional 1,229,106 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Flex by 89.1% in the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock worth $95,965,000 after buying an additional 1,177,923 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Flex Price Performance

Shares of FLEX stock opened at $43.13 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm’s 50-day moving average is $37.88 and its two-hundred day moving average is $38.30. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $45.10. The company has a market capitalization of $16.10 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 2.43 and a beta of 1.04.

Flex (NASDAQ:FLEX) last released its quarterly 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 the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. Analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FLEX shares. The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Bank of America raised their price target on shares of Flex from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Wall Street Zen raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 28th. JPMorgan Chase & Co. reduced their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, KeyCorp reissued an “overweight” rating on shares of Flex in a report on Tuesday, June 3rd. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Flex presently has an average rating of “Buy” and an average target price of $46.00.

Insider Activity

In related news, CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the transaction, the chief executive officer now owns 1,112,193 shares in the company, valued at approximately $42,363,431.37. The trade was a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael P. Hartung sold 32,173 shares of Flex stock in a transaction that occurred 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 owns 270,483 shares of the company’s stock, valued at $11,357,581.17. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,074,948 shares of company stock valued at $44,837,670. Company insiders own 0.82% of the company’s stock.

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.