Lombard Odier Asset Management Europe Ltd Buys Shares of 75,605 Flex Ltd. $FLEX

Lombard Odier Asset Management Europe Ltd bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the first quarter, HoldingsChannel reports. The firm bought 75,605 shares of the technology company’s stock, valued at approximately $4,949,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust raised its position in shares of Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the last quarter. Gables Capital Management Inc. purchased a new stake in Flex in the 4th quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd grew its holdings in Flex by 6,318.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the last quarter. Finally, CENTRAL TRUST Co increased its position in Flex by 58.1% during the fourth quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock worth $48,000 after buying an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $113.75 on Monday. The company has a market cap of $41.68 billion, a P/E ratio of 43.92, a P/E/G ratio of 0.59 and a beta of 1.64. The business has a fifty day simple moving average of $139.51 and a 200-day simple moving average of $99.98. 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.

Flex (NASDAQ:FLEX) last released its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion for the quarter. Equities research analysts forecast that Flex Ltd. will post 4.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Barclays reduced their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Finally, Raymond James Financial set a $170.00 price objective on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $114.20.

Insiders Place Their Bets

In related news, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the sale, the chief operating officer directly owned 248,546 shares in the company, valued at approximately $36,086,393.74. The trade was a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the transaction, the insider directly 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is currently owned by corporate insiders.

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.