Flex Ltd. (NASDAQ:FLEX) Shares Bought by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 833.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,037 shares of the technology company’s stock after acquiring an additional 10,747 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Flex were worth $355,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Richardson Financial Services Inc. purchased a new position in Flex in the fourth quarter valued at $34,000. American Capital Advisory LLC acquired a new stake in shares of Flex during the second quarter worth about $46,000. J.Safra Asset Management Corp lifted its position in Flex by 623.6% in the second quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after purchasing an additional 2,538 shares during the period. Rothschild Investment LLC acquired a new stake in Flex in the second quarter valued at about $125,000. Finally, Blue Trust Inc. lifted its position in Flex by 37.4% in the second quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after purchasing an additional 1,170 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

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

Flex Stock Performance

NASDAQ:FLEX 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. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.92 and a beta of 1.09. The firm’s fifty day simple moving average is $30.77 and its 200 day simple moving average is $30.10. Flex Ltd. has a twelve month low of $21.84 and a twelve month high of $34.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $5.89 billion. As a group, equities research analysts expect that Flex Ltd. will post 2.06 earnings per share for the current fiscal year.

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.