Rithm Capital Corp. Invests $1.41 Million in Flex Ltd. $FLEX

Rithm Capital Corp. bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 21,500 shares of the technology company’s stock, valued at approximately $1,407,000. Flex accounts for approximately 2.1% of Rithm Capital Corp.’s portfolio, making the stock its 8th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after buying an additional 25,662,586 shares during the period. Norges Bank acquired a new position in Flex during the 4th quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in Flex in the fourth quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC grew its stake in Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after acquiring an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after acquiring an additional 130,641 shares during the period. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. KeyCorp upped their target price on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Barclays lifted their price objective on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. 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 research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Price Performance

FLEX opened at $116.07 on Tuesday. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. The company has a market capitalization of $42.53 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 0.62 and a beta of 1.64. The firm’s fifty day moving average price is $141.10 and its two-hundred day moving average price is $98.60.

Flex (NASDAQ:FLEX) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion during the quarter. As a group, analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other Flex news, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction that occurred on 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 transaction, the chief executive officer owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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, EVP David Scott Offer sold 6,657 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 769,195 shares of company stock worth $110,116,823. Company insiders own 0.62% of the company’s stock.

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.