16,699 Shares in Flex Ltd. $FLEX Acquired by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 16,699 shares of the technology company’s stock, valued at approximately $1,093,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC bought a new position in Flex in the 4th quarter worth about $260,000. Goldman Sachs Group Inc. increased its stake in Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after purchasing an additional 211,046 shares in the last quarter. Empowered Funds LLC purchased a new position in Flex in the first quarter worth about $397,000. EverSource Wealth Advisors LLC lifted its stake in shares of Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock worth $132,000 after buying an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Flex by 92.4% during the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company’s stock valued at $3,099,000 after buying an additional 29,821 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. The Goldman Sachs Group increased their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Barclays increased their price objective on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. KeyCorp lifted their price objective on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Stifel Nicolaus upped their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex Stock Performance

Shares of NASDAQ FLEX traded down $4.14 during midday trading on Friday, hitting $135.80. 2,723,100 shares of the stock traded hands, compared to its average volume of 9,241,478. The firm has a market capitalization of $49.75 billion, a P/E ratio of 58.28, a PEG ratio of 0.71 and a beta of 1.64. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a 50-day moving average of $142.50 and a two-hundred day moving average of $93.60.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. On average, equities analysts forecast that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other news, CEO Revathi Advaithi sold 39,188 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 firm’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 completion of the transaction, the insider directly owned 245,930 shares in the company, valued at approximately $35,713,954.60. The trade was a 2.87% 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 quarter, insiders sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is 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.