Storgate LLC Takes Position in Flex Ltd. $FLEX

Storgate LLC acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 14,449 shares of the technology company’s stock, valued at approximately $873,000. Flex makes up about 0.7% of Storgate LLC’s holdings, making the stock its 20th largest position.

Other large investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in shares of Flex by 5.3% during the 3rd quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock valued at $208,000 after purchasing an additional 181 shares during the last quarter. Parcion Private Wealth LLC increased its position in shares of Flex by 1.5% during the 4th quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company’s stock valued at $855,000 after purchasing an additional 216 shares during the last quarter. US Bancorp DE increased its position in shares of Flex by 1.2% during the 3rd quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock valued at $1,144,000 after purchasing an additional 225 shares during the last quarter. Tower Wealth Partners Inc. increased its position in shares of Flex by 3.7% during the 3rd quarter. Tower Wealth Partners Inc. now owns 6,980 shares of the technology company’s stock valued at $405,000 after purchasing an additional 249 shares during the last quarter. Finally, Benjamin Edwards Inc. increased its position in shares of Flex by 3.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 8,063 shares of the technology company’s stock valued at $403,000 after purchasing an additional 257 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX stock opened at $149.71 on Friday. Flex Ltd. has a twelve month low of $42.83 and a twelve month high of $166.86. The stock has a market capitalization of $54.85 billion, a price-to-earnings ratio of 64.25, a P/E/G ratio of 0.80 and a beta of 1.64. The stock has a fifty day simple moving average of $115.87 and a two-hundred day simple moving average of $81.91. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion during the quarter. On average, analysts predict that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Robert W. Baird set a $165.00 target price on Flex in a research report on Thursday, May 7th. KeyCorp boosted their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. The Goldman Sachs Group boosted their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus boosted their target price on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Zacks Research upgraded Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 33,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the sale, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,216 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.38, for a total value of $3,163,114.08. Following the completion of the sale, the insider owned 232,706 shares of the company’s stock, valued at $33,132,680.28. This represents a 8.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 345,012 shares of company stock worth $48,508,103. 0.57% of the stock is owned by company insiders.

About Flex

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.