XTX Topco Ltd Acquires New Stake in Flex Ltd. (NASDAQ:FLEX)

XTX Topco Ltd acquired a new stake in Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, HoldingsChannel reports. The firm acquired 80,863 shares of the technology company’s stock, valued at approximately $2,675,000.

Several other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. lifted its position in shares of Flex by 3,794.6% during the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company’s stock worth $95,936,000 after acquiring an additional 2,825,667 shares in the last quarter. Invesco Ltd. lifted its position in shares of Flex by 42.9% during the fourth quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company’s stock worth $207,107,000 after acquiring an additional 1,620,812 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of Flex by 13,790.0% during the fourth quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company’s stock worth $47,528,000 after acquiring an additional 1,229,106 shares in the last quarter. Northern Trust Corp lifted its position in shares of Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company’s stock worth $95,965,000 after acquiring an additional 1,177,923 shares in the last quarter. Finally, LMR Partners LLP purchased a new stake in shares of Flex during the fourth quarter worth $36,470,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Transactions at Flex

In related news, CEO Revathi Advaithi sold 181,028 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $42.91, for a total value of $7,767,911.48. Following the transaction, the chief executive officer owned 1,463,695 shares of the company’s stock, valued at $62,807,152.45. This represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Scott Offer sold 87,093 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president directly owned 71,001 shares in the company, valued at $2,586,566.43. This trade represents a 55.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,148,441 shares of company stock worth $48,211,090 in the last three months. Insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FLEX. KeyCorp increased their target price on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. increased their price objective on Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Wall Street Zen upgraded Flex from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Barclays increased their price objective on Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Finally, Stifel Nicolaus increased their price objective on Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flex currently has an average rating of “Buy” and a consensus target price of $53.71.

Flex Stock Up 2.6%

FLEX opened at $51.80 on Wednesday. The stock has a market cap of $19.44 billion, a PE ratio of 22.72, a P/E/G ratio of 1.86 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.59. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $53.97. The business’s fifty day simple moving average is $47.42 and its 200 day simple moving average is $40.78.

Flex (NASDAQ:FLEX) last released its earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 earnings per share. As a group, research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex 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.