Choreo LLC Acquires New Position in Flex Ltd. (NASDAQ:FLEX)

Choreo LLC bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 13,543 shares of the technology company’s stock, valued at approximately $400,000.

Other large investors also recently made changes to their positions in the company. Boston Partners lifted its stake in Flex by 113.8% in the first quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after buying an additional 10,201,162 shares during the period. Norges Bank acquired a new position in Flex during the fourth quarter valued at approximately $165,000,000. Westfield Capital Management Co. LP bought a new stake in Flex in the first quarter valued at approximately $51,543,000. Troluce Capital Advisors LLC boosted its position in shares of Flex by 104.3% during the fourth quarter. Troluce Capital Advisors LLC now owns 1,125,000 shares of the technology company’s stock worth $34,268,000 after purchasing an additional 574,308 shares in the last quarter. Finally, TCW Group Inc. grew its holdings in shares of Flex by 48.1% in the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock valued at $50,479,000 after buying an additional 556,286 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $39.00 in a report on Thursday, July 25th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Barclays upped their price target on shares of Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their target price on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus price target of $38.40.

Flex Price Performance

Shares of NASDAQ FLEX opened at $29.88 on Tuesday. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.12. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75. The business has a 50-day moving average of $30.55 and a 200-day moving average of $30.00.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.09. The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. Flex had a return on equity of 16.23% and a net margin of 3.54%. As a group, sell-side analysts predict that Flex Ltd. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the transaction, the executive vice president now directly owns 168,094 shares in the company, valued at approximately $5,377,327.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the transaction, the insider now directly owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares in the company, valued at $5,377,327.06. The disclosure for this sale can be found here. Insiders sold a total of 28,028 shares of company stock worth $904,530 over the last quarter. 0.82% of the stock is currently owned by insiders.

Flex Company 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.