Benjamin Edwards Inc. Buys New Stake in Flex Ltd. (NASDAQ:FLEX)

Benjamin Edwards Inc. bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,806 shares of the technology company’s stock, valued at approximately $258,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company’s stock worth $326,833,000 after buying an additional 916,085 shares during the period. Pacer Advisors Inc. boosted its stake in 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 buying an additional 2,825,667 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Flex by 22.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,681,792 shares of the technology company’s stock worth $102,954,000 after buying an additional 497,307 shares during the period. Northern Trust Corp boosted its stake in 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 buying an additional 1,177,923 shares during the period. Finally, Balyasny Asset Management L.P. boosted its stake in Flex by 36.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,280,657 shares of the technology company’s stock worth $87,554,000 after buying an additional 603,809 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FLEX has been the subject of several recent analyst reports. Stifel Nicolaus lifted their price objective on shares of Flex from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their target price on Flex from $44.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. KeyCorp lifted 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. Bank of America lifted their target price on Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, July 10th. Finally, KGI Securities downgraded Flex from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $53.71.

Flex Stock Performance

FLEX stock opened at $49.00 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The business has a 50-day moving average price of $49.51 and a 200 day moving average price of $41.51. The company has a market capitalization of $18.39 billion, a P/E ratio of 21.49, a PEG ratio of 1.67 and a beta of 1.05. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97.

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

Insider Transactions at Flex

In other Flex news, CAO Daniel Wendler sold 1,245 shares of the business’s stock in a transaction dated Tuesday, June 17th. The shares were 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 directly owned 47,619 shares in the company, valued at approximately $2,143,331.19. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Revathi Advaithi sold 37,465 shares of the business’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the transaction, the chief executive officer owned 1,363,312 shares of the company’s stock, valued at $61,362,673.12. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 659,186 shares of company stock valued at $28,621,302 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

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.