Chapin Davis Inc. Takes Position in Flex Ltd. $FLEX

Chapin Davis Inc. purchased a new position in Flex Ltd. (NASDAQ:FLEX) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 97,607 shares of the technology company’s stock, valued at approximately $15,819,000. Flex comprises about 2.8% of Chapin Davis Inc.’s holdings, making the stock its 9th largest holding.

Several other hedge funds also recently added to or reduced their stakes in the stock. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust increased its holdings in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd raised its stake in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its holdings in Flex by 58.1% during the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock worth $48,000 after buying an additional 293 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Raymond James Financial set a $170.00 price target on Flex and gave the company an “outperform” rating in a report on Wednesday, July 29th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. The Goldman Sachs Group lowered their target price on shares of Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. One equities 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.20.

Insiders Place Their Bets

In related news, EVP David Scott Offer sold 33,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 26,657 shares of Flex stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the sale, the chief operating officer directly owned 257,527 shares in the company, valued at $37,207,500.96. The trade was a 9.38% decrease in their position. 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. In the last ninety days, insiders have sold 769,195 shares of company stock valued at $110,116,823. Corporate insiders own 0.62% of the company’s stock.

Flex Trading Down 3.8%

NASDAQ:FLEX opened at $121.88 on Thursday. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The firm has a market capitalization of $45.02 billion, a P/E ratio of 47.06, a P/E/G ratio of 0.65 and a beta of 1.67. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89. The business has a 50 day simple moving average of $138.40 and a 200 day simple moving average of $101.19.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The firm had revenue of $7.93 billion during the quarter. Equities research analysts predict that Flex Ltd. will post 4.18 EPS for the current year.

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.