Storgate LLC Makes New Investment in Flex Ltd. $FLEX

Storgate LLC acquired a new position in Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,449 shares of the technology company’s stock, valued at approximately $873,000. Flex makes up approximately 0.7% of Storgate LLC’s investment portfolio, making the stock its 20th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in FLEX. Brighton Jones LLC bought a new position in Flex in the fourth quarter worth $260,000. Goldman Sachs Group Inc. increased its holdings in shares of Flex by 19.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company’s stock valued at $42,314,000 after acquiring an additional 211,046 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Flex during the first quarter valued at $397,000. EverSource Wealth Advisors LLC increased its holdings in shares of Flex by 63.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company’s stock valued at $132,000 after acquiring an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP increased 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 acquiring an additional 29,821 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Activity

In other news, Director Charles K. Stevens III sold 15,000 shares of Flex stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the transaction, the director directly owned 45,426 shares of the company’s stock, valued at $6,275,147.64. The trade was a 24.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 114,090 shares of Flex stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer directly owned 689,022 shares in the company, valued at approximately $98,096,062.14. The trade was a 14.21% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 345,012 shares of company stock worth $48,508,103. 0.57% of the stock is currently owned by corporate insiders.

Flex Trading Down 1.5%

Shares of NASDAQ:FLEX opened at $149.71 on Friday. The stock has a market capitalization of $54.85 billion, a price-to-earnings ratio of 64.25, a PEG ratio of 0.80 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 stock’s 50-day simple moving average is $115.87 and its two-hundred day simple moving average is $81.91. Flex Ltd. has a 52-week low of $42.83 and a 52-week high of $166.86.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FLEX shares. KeyCorp raised their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Barclays raised their price target on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Stifel Nicolaus raised their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

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.