D. E. Shaw & Co. Inc. boosted its position in shares of Flex Ltd (NASDAQ:FLEX) by 7.6% in the second quarter, Holdings Channel reports. The fund owned 17,331,085 shares of the technology company’s stock after acquiring an additional 1,223,008 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Flex were worth $165,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC acquired a new position in Flex during the 2nd quarter worth $2,515,000. Point72 Asset Management L.P. acquired a new position in Flex during the 2nd quarter worth $40,000. Nomura Holdings Inc. acquired a new position in Flex during the 2nd quarter worth $1,196,000. Morgan Stanley lifted its position in Flex by 409.8% during the 2nd quarter. Morgan Stanley now owns 3,470,203 shares of the technology company’s stock worth $33,211,000 after acquiring an additional 2,789,455 shares during the last quarter. Finally, Paloma Partners Management Co lifted its position in Flex by 516.9% during the 2nd quarter. Paloma Partners Management Co now owns 98,119 shares of the technology company’s stock worth $939,000 after acquiring an additional 82,215 shares during the last quarter. 93.69% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on FLEX. BidaskClub lowered shares of Flex from a “hold” rating to a “sell” rating in a research report on Saturday. ValuEngine raised shares of Flex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 1st. Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “hold” rating and set a $9.50 target price for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised shares of Flex from a “neutral” rating to an “overweight” rating and set a $12.00 target price for the company in a research report on Wednesday, May 29th. Finally, Goldman Sachs Group raised shares of Flex from a “neutral” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $10.38.
Shares of NASDAQ:FLEX traded down $0.19 on Friday, hitting $10.48. 1,994,035 shares of the company were exchanged, compared to its average volume of 3,767,415. The company’s 50 day moving average price is $10.20 and its two-hundred day moving average price is $10.17. Flex Ltd has a one year low of $6.74 and a one year high of $13.44. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.76 and a current ratio of 1.26. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of 58.22, a PEG ratio of 1.40 and a beta of 1.83.
Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, July 25th. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.11). Flex had a return on equity of 0.73% and a net margin of 0.09%. The company had revenue of $6.18 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. Research analysts predict that Flex Ltd will post 0.49 earnings per share for the current year.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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