Chapin Davis Inc. Purchases Shares of 97,607 Flex Ltd. $FLEX

Chapin Davis Inc. purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 2nd quarter, HoldingsChannel reports. The fund purchased 97,607 shares of the technology company’s stock, valued at approximately $15,819,000. Flex accounts for 2.8% of Chapin Davis Inc.’s investment portfolio, making the stock its 9th largest position.

Several other institutional investors have also modified their holdings of FLEX. 180 Wealth Advisors LLC acquired a new position in Flex during the second quarter worth about $331,000. GAMMA Investing LLC boosted its position in shares of Flex by 15.8% during the 2nd quarter. GAMMA Investing LLC now owns 9,563 shares of the technology company’s stock valued at $1,550,000 after purchasing an additional 1,303 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Flex during the 2nd quarter valued at about $944,000. CoreCap Advisors LLC grew its stake in shares of Flex by 6,266.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,528 shares of the technology company’s stock worth $248,000 after purchasing an additional 1,504 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Flex by 130.6% in the 2nd quarter. Versant Capital Management Inc now owns 1,123 shares of the technology company’s stock worth $182,000 after purchasing an additional 636 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX stock opened at $121.88 on Thursday. The company has a market capitalization of $45.02 billion, a price-to-earnings ratio of 47.06, a P/E/G ratio of 0.65 and a beta of 1.67. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $138.40 and its 200-day simple moving average is $101.19.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. On average, sell-side analysts predict that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 6,657 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the transaction, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. This represents a 6.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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 sale, the insider owned 245,930 shares of the company’s stock, 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. Insiders sold 769,195 shares of company stock valued at $110,116,823 over the last ninety days. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the subject of a number of research reports. Robert W. Baird set a $142.00 target price on shares of Flex in a report on Thursday, July 30th. JPMorgan Chase & Co. raised their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Raymond James Financial set a $170.00 target price on Flex and gave the company an “outperform” rating in a report on Wednesday, July 29th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

About Flex

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.