53,602 Shares in Flex Ltd. $FLEX Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new position in Flex Ltd. (NASDAQ:FLEX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 53,602 shares of the technology company’s stock, valued at approximately $2,676,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BayBridge Capital Group LLC grew its stake in Flex by 2.1% in the second quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company’s stock worth $569,000 after purchasing an additional 235 shares in the last quarter. Pinnacle Bancorp Inc. lifted its holdings in Flex by 39.4% during the second quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company’s stock worth $43,000 after buying an additional 244 shares during the period. Farther Finance Advisors LLC lifted its holdings in Flex by 1.8% during the second quarter. Farther Finance Advisors LLC now owns 15,206 shares of the technology company’s stock worth $759,000 after buying an additional 266 shares during the period. Uncommon Cents Investing LLC lifted its holdings in Flex by 4.1% during the second quarter. Uncommon Cents Investing LLC now owns 6,850 shares of the technology company’s stock worth $342,000 after buying an additional 270 shares during the period. Finally, Dynasty Wealth Management LLC lifted its holdings in Flex by 0.7% during the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after buying an additional 276 shares during the period. Institutional investors own 94.30% of the company’s stock.

Flex Stock Up 0.6%

FLEX stock opened at $64.28 on Monday. The firm has a market cap of $24.13 billion, a PE ratio of 28.19, a PEG ratio of 2.09 and a beta of 1.15. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. The firm’s 50 day moving average price is $57.07 and its 200-day moving average price is $48.57. Flex Ltd. has a one year low of $25.11 and a one year high of $65.59.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 EPS. On average, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In other Flex news, Director Erin Mcsweeney sold 10,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $51.47, for a total transaction of $514,700.00. Following the transaction, the director directly owned 17,012 shares in the company, valued at $875,607.64. This represents a 37.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total value of $566,600.00. Following the transaction, the chief accounting officer owned 37,619 shares in the company, valued at $2,131,492.54. This trade represents a 21.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,520 shares of company stock valued at $4,295,542 over the last three months. 0.57% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FLEX has been the subject of several analyst reports. Barclays increased their price objective on Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research note on Saturday. Bank of America increased their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. KGI Securities lowered Flex from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, Stifel Nicolaus lifted their price target on Flex from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.71.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.