State of Wyoming Boosts Holdings in Flex Ltd. (NASDAQ:FLEX)

State of Wyoming lifted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 6.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,284 shares of the technology company’s stock after acquiring an additional 1,685 shares during the quarter. State of Wyoming’s holdings in Flex were worth $1,047,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Simcoe Capital Management LLC boosted its stake in shares of Flex by 90.6% during the 4th quarter. Simcoe Capital Management LLC now owns 1,258,683 shares of the technology company’s stock worth $48,321,000 after acquiring an additional 598,348 shares in the last quarter. SG Capital Management LLC purchased a new stake in shares of Flex during the 4th quarter worth about $9,371,000. Sora Investors LLC purchased a new stake in shares of Flex during the 4th quarter worth about $2,834,000. Royal Bank of Canada boosted its stake in shares of Flex by 187.0% during the 4th quarter. Royal Bank of Canada now owns 666,920 shares of the technology company’s stock worth $25,603,000 after acquiring an additional 434,558 shares in the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Flex during the 4th quarter worth about $340,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Up 0.2%

Shares of NASDAQ FLEX opened at $42.02 on Friday. The company has a 50 day simple moving average of $34.29 and a 200-day simple moving average of $37.72. The company has a market capitalization of $16.10 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 EPS. On average, equities research analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FLEX shares. JPMorgan Chase & Co. lowered their target price on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. KeyCorp raised their price target on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group decreased their price target on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Insider Buying and Selling

In other Flex news, CEO Revathi Advaithi sold 120,280 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares of the company’s stock, valued at $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now directly owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 489,255 shares of company stock valued at $19,589,788. Insiders own 0.82% of the company’s stock.

Flex Company Profile

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.