Monetta Financial Services Inc. Makes New Investment in Flex Ltd. $FLEX

Monetta Financial Services Inc. bought a new stake in Flex Ltd. (NASDAQ:FLEX) during the 2nd quarter, Holdings Channel reports. The firm bought 6,500 shares of the technology company’s stock, valued at approximately $1,053,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Great Lakes Advisors LLC purchased a new stake in Flex in the 2nd quarter valued at about $323,000. Foster & Motley Inc. acquired a new position in Flex in the second quarter valued at about $727,000. Commerzbank Aktiengesellschaft FI purchased a new position in Flex during the second quarter worth about $253,000. Plato Investment Management Ltd purchased a new position in Flex during the second quarter worth about $2,146,000. Finally, Insight Wealth Strategies LLC acquired a new stake in shares of Flex during the second quarter valued at about $4,320,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays decreased their price objective on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, KeyCorp boosted their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.20.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 7,269 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.22, for a total value of $1,055,604.18. Following the sale, the insider owned 245,930 shares of the company’s stock, valued at $35,713,954.60. This trade represents a 2.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the transaction, the chief operating officer directly owned 248,546 shares of the company’s stock, valued at approximately $36,086,393.74. This represents a 3.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 560,183 shares of company stock worth $80,426,190 over the last quarter. 0.62% of the stock is currently owned by insiders.

Flex Price Performance

Flex stock opened at $113.03 on Thursday. The firm has a market cap of $41.75 billion, a PE ratio of 43.64, a price-to-earnings-growth ratio of 0.61 and a beta of 1.67. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The company’s 50 day moving average is $132.61 and its two-hundred day moving average is $105.24.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. On average, research analysts expect that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.