Polar Capital Holdings Plc Has $223.14 Million Stake in Flex Ltd. $FLEX

Polar Capital Holdings Plc lifted its position in Flex Ltd. (NASDAQ:FLEX) by 141.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,693,141 shares of the technology company’s stock after acquiring an additional 2,165,780 shares during the period. Flex comprises 0.9% of Polar Capital Holdings Plc’s investment portfolio, making the stock its 25th largest holding. Polar Capital Holdings Plc’s holdings in Flex were worth $223,140,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. USA Financial Formulas acquired a new position in Flex during the fourth quarter worth $28,000. Parkside Financial Bank & Trust raised its stake in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in Flex during the fourth quarter worth $28,000. CENTRAL TRUST Co raised its stake in Flex by 238.3% during the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock worth $29,000 after acquiring an additional 355 shares in the last quarter. Finally, Gables Capital Management Inc. acquired a new position in Flex during the fourth quarter worth $42,000. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FLEX shares. Wall Street Zen lowered Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Robert W. Baird set a $165.00 price objective on Flex in a research note on Thursday, May 7th. Stifel Nicolaus increased their price objective on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Barclays increased their price objective on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group increased their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.70.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. This trade represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,216 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.38, for a total value of $3,163,114.08. Following the completion of the transaction, the insider owned 232,706 shares in the company, valued at approximately $33,132,680.28. This represents a 8.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 345,012 shares of company stock valued at $48,508,103 in the last 90 days. 0.57% of the stock is owned by corporate insiders.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $146.93 on Wednesday. Flex Ltd. has a twelve month low of $43.62 and a twelve month high of $166.86. The firm has a market cap of $53.83 billion, a PE ratio of 63.06, a price-to-earnings-growth ratio of 0.79 and a beta of 1.64. 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 business has a fifty day moving average of $119.05 and a 200-day moving average of $83.35.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion during the quarter. On average, equities research analysts predict that Flex Ltd. will post 4.15 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.