Convergence Investment Partners LLC Makes New Investment in Flex Ltd. $FLEX

Convergence Investment Partners LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 53,602 shares of the technology company’s stock, valued at approximately $2,676,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BayBridge Capital Group LLC boosted its stake in shares of Flex by 2.1% in the 2nd quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company’s stock worth $569,000 after buying an additional 235 shares during the last quarter. Pinnacle Bancorp Inc. boosted its stake in shares of Flex by 39.4% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company’s stock worth $43,000 after buying an additional 244 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Flex by 1.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 15,206 shares of the technology company’s stock worth $759,000 after buying an additional 266 shares during the last quarter. Uncommon Cents Investing LLC boosted its stake in shares of Flex by 4.1% in the 2nd quarter. Uncommon Cents Investing LLC now owns 6,850 shares of the technology company’s stock worth $342,000 after buying an additional 270 shares during the last quarter. Finally, Dynasty Wealth Management LLC boosted its stake in shares of Flex by 0.7% in the 1st quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after buying an additional 276 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FLEX. Bank of America raised their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Wall Street Zen cut Flex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research report on Saturday. Barclays increased their target price on shares of Flex from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Finally, KeyCorp raised their target price on shares of Flex from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average target price of $59.71.

Flex Price Performance

Shares of Flex stock opened at $64.28 on Monday. The stock’s 50-day simple moving average is $57.07 and its 200-day simple moving average is $48.57. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $65.59. The company has a market capitalization of $24.13 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 2.09 and a beta of 1.15. 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 (NASDAQ:FLEX) last announced its quarterly earnings data on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The business had revenue of $6.58 billion for 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 business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. As a group, analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other Flex news, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $51.79, for a total transaction of $517,900.00. Following the sale, the director directly owned 111,355 shares of the company’s stock, valued at $5,767,075.45. The trade was a 8.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Daniel Wendler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.66, for a total value of $566,600.00. Following the sale, the chief accounting officer directly owned 37,619 shares in the company, valued at $2,131,492.54. The trade was a 21.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,520 shares of company stock valued at $4,295,542 over the last three months. Corporate insiders own 0.57% of the company’s stock.

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.