Catalyst Funds Management Pty Ltd Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Catalyst Funds Management Pty Ltd acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 49,775 shares of the technology company’s stock, valued at approximately $1,911,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Flex by 462.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock worth $88,247,000 after buying an additional 2,170,262 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Flex by 210.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after acquiring an additional 1,327,298 shares during the last quarter. Principal Financial Group Inc. bought a new stake in Flex during the fourth quarter valued at $33,363,000. Finally, Raymond James Financial Inc. acquired a new stake in Flex during the 4th quarter worth about $32,293,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FLEX. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays increased their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Flex has a consensus rating of “Buy” and a consensus target price of $44.33.

Insider Transactions at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $34.49 on Friday. The business’s fifty day moving average is $40.19 and its 200 day moving average is $37.20. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The stock has a market cap of $13.21 billion, a P/E ratio of 13.91, a P/E/G ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal 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.