FNY Investment Advisers LLC Buys Shares of 5,000 Flex Ltd. $FLEX

FNY Investment Advisers LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX) during the second quarter, HoldingsChannel.com reports. The fund purchased 5,000 shares of the technology company’s stock, valued at approximately $810,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLEX. Brighton Jones LLC bought a new stake in Flex in the fourth quarter worth $260,000. Goldman Sachs Group Inc. increased its holdings in shares of Flex by 19.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after acquiring an additional 211,046 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Flex in the 1st quarter worth about $397,000. EverSource Wealth Advisors LLC raised its position in shares of Flex by 63.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after purchasing an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Flex by 92.4% in the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock worth $3,099,000 after purchasing an additional 29,821 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president owned 91,122 shares in the company, valued at $13,233,648.06. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. This trade represents a 3.34% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 754,195 shares of company stock worth $108,044,723. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the subject of a number of analyst reports. KeyCorp raised their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the company an “outperform” rating in a report on Wednesday, July 29th. Barclays reduced their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. One 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 company’s stock. According to data from MarketBeat.com, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $114.20.

Flex Stock Performance

NASDAQ FLEX opened at $122.65 on Friday. 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 Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86. The business has a 50-day moving average price of $137.96 and a 200-day moving average price of $101.60. The firm has a market cap of $45.31 billion, a price-to-earnings ratio of 47.36, a price-to-earnings-growth ratio of 0.62 and a beta of 1.67.

Flex (NASDAQ:FLEX) last issued its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The company had revenue of $7.93 billion for the quarter. As a group, equities research analysts predict that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Flex Company 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.