Praxis Capital Management LLC Takes Position in Flex Ltd. $FLEX

Praxis Capital Management LLC bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,000 shares of the technology company’s stock, valued at approximately $544,000. Flex comprises approximately 1.9% of Praxis Capital Management LLC’s portfolio, making the stock its 18th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Frazier Financial Advisors LLC bought a new position in shares of Flex during the 4th quarter valued at approximately $28,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Flex during the 4th quarter valued at approximately $324,000. Beck Bode LLC bought a new position in shares of Flex during the 4th quarter valued at approximately $343,000. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Flex by 7.2% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,353 shares of the technology company’s stock valued at $565,000 after acquiring an additional 632 shares during the last quarter. Finally, Leonteq Securities AG bought a new position in shares of Flex during the 4th quarter valued at approximately $69,000. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on FLEX. JPMorgan Chase & Co. increased their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Raymond James Financial set a $80.00 price objective on shares of Flex and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. KeyCorp boosted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. One investment 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.80.

Insider Activity

In other news, Director Erin Mcsweeney sold 3,000 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $145.88, for a total transaction of $437,640.00. Following the completion of the sale, the director directly owned 11,512 shares of the company’s stock, valued at approximately $1,679,370.56. The trade was a 20.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Scott Offer sold 22,212 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.40, for a total transaction of $3,162,988.80. Following the sale, the executive vice president directly owned 74,926 shares of the company’s stock, valued at $10,669,462.40. This represents a 22.87% decrease in their ownership of the stock. 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 three months, insiders sold 226,512 shares of company stock valued at $30,720,858. Insiders own 0.57% of the company’s stock.

Flex Trading Up 1.1%

FLEX stock opened at $132.47 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. Flex Ltd. has a twelve month low of $40.15 and a twelve month high of $147.34. The stock has a market capitalization of $48.53 billion, a price-to-earnings ratio of 56.85, a price-to-earnings-growth ratio of 0.70 and a beta of 1.46. The firm’s fifty day simple moving average is $90.64 and its two-hundred day simple moving average is $72.62.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business had revenue of $7.48 billion for the quarter. As a group, analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current 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.