Convergence Investment Partners LLC Purchases 42,793 Shares of Flex Ltd. $FLEX

Convergence Investment Partners LLC boosted its position in Flex Ltd. (NASDAQ:FLEX) by 143.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,672 shares of the technology company’s stock after buying an additional 42,793 shares during the quarter. Convergence Investment Partners LLC’s holdings in Flex were worth $4,757,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of FLEX. USA Financial Formulas acquired a new stake in shares of Flex in the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its stake in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in Flex during the 4th quarter worth about $28,000. Gables Capital Management Inc. acquired a new position in shares of Flex during the 4th quarter worth about $42,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after acquiring an additional 695 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FLEX shares. The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Stifel Nicolaus raised their price target on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. KeyCorp increased their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 6,657 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the transaction, the executive vice president directly owned 91,122 shares of the company’s stock, valued at $13,233,648.06. This represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total value of $1,055,604.18. Following the sale, the insider owned 245,930 shares of the company’s stock, valued at approximately $35,713,954.60. This represents a 2.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last quarter. 0.62% of the stock is owned by corporate insiders.

Flex Stock Up 0.6%

FLEX opened at $119.91 on Tuesday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The stock’s fifty day simple moving average is $142.65 and its 200 day simple moving average is $96.43. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market cap of $43.93 billion, a PE ratio of 51.46, a price-to-earnings-growth ratio of 0.62 and a beta of 1.64.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion during the quarter. As a group, research analysts expect that Flex Ltd. will post 4.18 earnings per share for the current year.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.