Figure 8 Investment Strategies LLC Buys 5,193 Shares of Flex Ltd. (NASDAQ:FLEX)

Figure 8 Investment Strategies LLC lifted its stake in Flex Ltd. (NASDAQ:FLEX) by 7.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,413 shares of the technology company’s stock after acquiring an additional 5,193 shares during the period. Flex accounts for 2.6% of Figure 8 Investment Strategies LLC’s portfolio, making the stock its 13th largest position. Figure 8 Investment Strategies LLC’s holdings in Flex were worth $2,528,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. United Services Automobile Association acquired a new position in Flex during the 4th quarter valued at about $982,000. Brandywine Global Investment Management LLC increased its position in Flex by 219.2% during the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after buying an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in Flex during the 4th quarter valued at about $7,864,000. Raymond James Financial Inc. acquired a new position in Flex during the 4th quarter valued at about $32,293,000. Finally, American Century Companies Inc. increased its position in Flex by 19.7% during the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock valued at $26,637,000 after buying an additional 114,350 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 1,245 shares of the company’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total value of $56,037.45. Following the completion of the transaction, the chief accounting officer now owns 47,619 shares of the company’s stock, valued at approximately $2,143,331.19. This represents a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael P. Hartung sold 32,173 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $41.99, for a total value of $1,350,944.27. Following the completion of the transaction, the insider now directly owns 270,483 shares of the company’s stock, valued at $11,357,581.17. The trade was a 10.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,135,941 shares of company stock valued at $47,582,965. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

FLEX has been the topic of several recent analyst reports. KeyCorp reaffirmed an “overweight” rating on shares of Flex in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. reduced their target price on Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their price target on Flex from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, June 9th. The Goldman Sachs Group dropped their price target on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, Barclays boosted their price target on Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $46.00.

Flex Stock Down 0.3%

Shares of FLEX opened at $46.03 on Monday. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $46.90. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $17.18 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 1.71 and a beta of 1.04. The stock’s 50-day moving average price is $39.44 and its 200-day moving average price is $38.52.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a return on equity of 19.01% and a net margin of 3.25%. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. On average, sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current year.

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.