Polar Capital Holdings Plc Buys 2,165,780 Shares of Flex Ltd. $FLEX

Polar Capital Holdings Plc boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 141.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,693,141 shares of the technology company’s stock after purchasing an additional 2,165,780 shares during the quarter. Flex comprises 0.9% of Polar Capital Holdings Plc’s portfolio, making the stock its 25th largest holding. Polar Capital Holdings Plc owned approximately 1.00% of Flex worth $223,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust boosted its position in 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. Parallel Advisors LLC boosted its position in Flex by 5.3% during the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company’s stock worth $208,000 after purchasing an additional 181 shares during the period. Parcion Private Wealth LLC boosted its position in Flex by 1.5% during the fourth quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company’s stock worth $855,000 after purchasing an additional 216 shares during the period. US Bancorp DE boosted its position in Flex by 1.2% during the third quarter. US Bancorp DE now owns 19,729 shares of the technology company’s stock worth $1,144,000 after purchasing an additional 225 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in Flex by 3.3% during the second quarter. Benjamin Edwards Inc. now owns 8,063 shares of the technology company’s stock worth $403,000 after purchasing an additional 257 shares during the period. Institutional investors own 94.30% of the company’s stock.

Flex Stock Down 1.5%

FLEX opened at $146.93 on Wednesday. Flex Ltd. has a 1-year low of $43.62 and a 1-year high of $166.86. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $53.83 billion, a price-to-earnings ratio of 63.06, a P/E/G ratio of 0.79 and a beta of 1.64. The business has a 50 day moving average of $119.05 and a 200-day moving average of $83.35.

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 return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion during the quarter. As a group, sell-side analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Stifel Nicolaus upped their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group upped their target price on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays upped their target price on Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. increased their price objective on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Flex presently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Insiders Place Their Bets

In related 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 26,175 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total value of $3,726,534.75. Following the completion of the transaction, the chief operating officer owned 256,043 shares of the company’s stock, valued at $36,452,841.91. The trade was a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 345,012 shares of company stock valued at $48,508,103 in the last ninety days. 0.57% of the stock is currently owned by insiders.

Flex Company 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.