88,784 Shares in Flex Ltd. (NASDAQ:FLEX) Bought by Cinctive Capital Management LP

Cinctive Capital Management LP bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 88,784 shares of the technology company’s stock, valued at approximately $3,408,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. R Squared Ltd acquired a new stake in shares of Flex during the fourth quarter valued at about $35,000. SBI Securities Co. Ltd. acquired a new stake in Flex during the 4th quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after acquiring an additional 509 shares during the last quarter. Huntington National Bank increased its position in Flex by 46.7% in the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after acquiring an additional 478 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Flex by 82.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock valued at $60,000 after acquiring an additional 704 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $34.06 on Thursday. The firm has a market cap of $13.05 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10. 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 business’s 50 day moving average price is $38.47 and its two-hundred day moving average price is $37.65.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, equities analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the company’s 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 sale, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLEX. Barclays raised their target price on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $44.33.

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.