Nan Fung Trinity HK Ltd. Makes New Investment in Flex Ltd. $FLEX

Nan Fung Trinity HK Ltd. acquired a new stake in Flex Ltd. (NASDAQ:FLEX) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 147,206 shares of the technology company’s stock, valued at approximately $16,191,000. Flex comprises approximately 1.5% of Nan Fung Trinity HK Ltd.’s investment portfolio, making the stock its 23rd largest position.

A number of other hedge funds also recently modified their holdings of FLEX. Fifth Third Bancorp lifted its position in Flex by 65.5% during the third quarter. Fifth Third Bancorp now owns 3,865 shares of the technology company’s stock worth $425,000 after acquiring an additional 1,529 shares during the last quarter. King Luther Capital Management Corp boosted its holdings in shares of Flex by 512.3% during the third quarter. King Luther Capital Management Corp now owns 23,205 shares of the technology company’s stock worth $2,552,000 after acquiring an additional 19,415 shares during the period. Maryland State Retirement & Pension System acquired a new position in shares of Flex in the third quarter valued at approximately $2,510,000. Machina Capital S.A.S. grew its position in shares of Flex by 192.9% in the third quarter. Machina Capital S.A.S. now owns 17,422 shares of the technology company’s stock valued at $1,916,000 after purchasing an additional 11,474 shares during the last quarter. Finally, Lido Advisors LLC increased its stake in shares of Flex by 16.9% during the third quarter. Lido Advisors LLC now owns 52,114 shares of the technology company’s stock worth $5,732,000 after purchasing an additional 7,519 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Trading Down 1.1%

Shares of NASDAQ:FLEX opened at $78.12 on Friday. The company has a market capitalization of $28.86 billion, a P/E ratio of 28.20, a P/E/G ratio of 0.37 and a beta of 1.80. Flex Ltd. has a 1 year low of $53.07 and a 1 year high of $166.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 0.85. The business’s 50 day simple moving average is $99.92 and its 200 day simple moving average is $103.42.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. The firm had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.17 billion. Flex had a return on equity of 24.93% and a net margin of 3.35%. The company’s revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. On average, research analysts anticipate that Flex Ltd. will post 4.52 EPS for the current fiscal year.

Insider Activity at Flex

In related news, insider Michael P. Hartung sold 2,755 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the transaction, the insider owned 243,175 shares of the company’s stock, valued at $29,336,632. The trade was a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. KeyCorp dropped their price target on Flex from $180.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday. Robert W. Baird decreased their price objective on Flex from $142.00 to $135.00 in a report on Monday, October 19th. Barclays lowered their price objective on Flex from $144.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $138.88.

Latest Flex News

Investors following FLEX have been watching these news items:

• Positive Sentiment: A Wall Street roundup described analysts as highly optimistic on Flex, noting the shares’ outperformance over the past year. Barchart article
• Neutral Sentiment: Flex’s Innovation Day coverage featured a technology showcase with Axiom, but the available headline does not specify financial or commercial outcomes. Innovation Day coverage
• Negative Sentiment: KeyCorp cut its Flex price target to $128 from $180, a substantial reduction that could weigh on sentiment. It maintained an “overweight” rating, however, and the revised target still implies considerable upside from the reference price cited in the report. KeyCorp rating information

Flex Profile

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.