Xponance Inc. Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Xponance Inc. acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 28,036 shares of the technology company’s stock, valued at approximately $1,076,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in Flex in the 4th quarter valued at about $32,293,000. Mutual of America Capital Management LLC bought a new position in shares of Flex in the fourth quarter valued at approximately $7,864,000. State of Alaska Department of Revenue purchased a new position in shares of Flex during the fourth quarter valued at approximately $1,697,000. One Wealth Advisors LLC purchased a new position in shares of Flex during the fourth quarter valued at approximately $368,000. Finally, JPMorgan Chase & Co. grew its holdings in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after buying an additional 296,505 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FLEX has been the topic of a number of analyst reports. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Barclays boosted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Flex has a consensus rating of “Buy” and an average price target of $44.33.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % 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

FLEX opened at $36.40 on Monday. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The firm has a 50-day moving average of $39.68 and a 200 day moving average of $37.41. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm has a market cap of $13.94 billion, a P/E ratio of 14.68, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. On average, research analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

About Flex

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.