Convergence Investment Partners LLC Has $4.76 Million Stock Position in Flex Ltd. $FLEX

Convergence Investment Partners LLC grew its holdings in Flex Ltd. (NASDAQ:FLEX) by 143.2% in the first quarter, HoldingsChannel reports. The fund owned 72,672 shares of the technology company’s stock after buying an additional 42,793 shares during the period. Convergence Investment Partners LLC’s holdings in Flex were worth $4,757,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of FLEX. JSF Financial LLC raised its stake in Flex by 0.6% in the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock worth $1,342,000 after purchasing an additional 115 shares in the last quarter. Resonant Capital Advisors LLC grew its position in shares of Flex by 2.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock worth $522,000 after purchasing an additional 163 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the period. Bessemer Group Inc. raised its position in shares of Flex by 7.9% in the first quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock valued at $159,000 after buying an additional 178 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Flex by 5.3% in the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock valued at $208,000 after buying an additional 181 shares during the period. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FLEX has been the topic of a number of analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Flex in a research report on Friday. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Stifel Nicolaus increased their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. JPMorgan Chase & Co. raised their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Insider Buying and Selling at Flex

In other news, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the sale, the chief operating officer directly owned 248,546 shares in the company, valued at approximately $36,086,393.74. The trade was a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the completion of the transaction, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This represents a 6.29% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 over the last three months. 0.62% of the stock is owned by corporate insiders.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $119.91 on Tuesday. The company has a market cap of $43.93 billion, a price-to-earnings ratio of 51.46, a PEG ratio of 0.62 and a beta of 1.64. 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 firm has a 50 day simple moving average of $142.65 and a 200 day simple moving average of $96.43. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86.

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

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.