Point72 Hong Kong Ltd Sells 174,183 Shares of Flex Ltd. (NASDAQ:FLEX)

Point72 Hong Kong Ltd decreased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 79.5% during the 2nd quarter, Holdings Channel reports. The fund owned 44,951 shares of the technology company’s stock after selling 174,183 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Flex were worth $1,326,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. raised its holdings in Flex by 1,242.5% in the second quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock worth $21,495,000 after purchasing an additional 792,700 shares during the period. Insigneo Advisory Services LLC lifted its holdings in Flex by 54.8% during the second quarter. Insigneo Advisory Services LLC now owns 19,150 shares of the technology company’s stock worth $540,000 after acquiring an additional 6,780 shares in the last quarter. Marshall Wace LLP grew its stake in Flex by 41.1% in the second quarter. Marshall Wace LLP now owns 1,136,410 shares of the technology company’s stock valued at $33,513,000 after acquiring an additional 331,027 shares during the period. Bank of Montreal Can increased its holdings in shares of Flex by 73.3% in the second quarter. Bank of Montreal Can now owns 60,936 shares of the technology company’s stock worth $1,877,000 after acquiring an additional 25,765 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its position in shares of Flex by 59.6% during the second quarter. Mount Yale Investment Advisors LLC now owns 15,678 shares of the technology company’s stock worth $462,000 after purchasing an additional 5,852 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Down 1.4 %

Flex stock opened at $31.69 on Thursday. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 1-year low of $21.84 and a 1-year high of $34.12. The company has a fifty day simple moving average of $30.77 and a 200 day simple moving average of $30.10. The company has a market cap of $12.58 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The company had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $5.89 billion. Research analysts anticipate that Flex Ltd. will post 2.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, July 29th. The stock was 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 owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the sale, the executive vice president now owns 158,094 shares in the company, valued at approximately $5,209,197.30. The disclosure for this sale can be found here. Insiders have sold 28,028 shares of company stock valued at $904,530 in the last 90 days. 0.82% of the stock is currently owned by insiders.

About Flex

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.