ExodusPoint Capital Management LP Invests $9.15 Million in Flex Ltd. (NASDAQ:FLEX)

ExodusPoint Capital Management LP bought a new stake in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 238,387 shares of the technology company’s stock, valued at approximately $9,152,000. ExodusPoint Capital Management LP owned about 0.06% of Flex as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Boston Partners raised its stake in shares of Flex by 2.2% in the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after acquiring an additional 569,916 shares during the period. Vanguard Group Inc. raised its position in Flex by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after purchasing an additional 817,215 shares during the period. JPMorgan Chase & Co. lifted its stake in Flex by 6.0% in the fourth quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock worth $246,006,000 after purchasing an additional 361,049 shares during the last quarter. Norges Bank purchased a new position in shares of Flex during the fourth quarter valued at approximately $229,484,000. Finally, Geode Capital Management LLC grew its stake in shares of Flex by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 4,598,271 shares of the technology company’s stock valued at $176,607,000 after buying an additional 132,457 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Transactions at Flex

In other Flex news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % 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, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the sale, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Performance

FLEX stock opened at $26.68 on Friday. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10. The business has a 50-day moving average price of $37.83 and a 200 day moving average price of $37.57. The company has a market capitalization of $10.22 billion, a P/E ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, equities research analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Barclays lifted 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. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Flex has a consensus rating of “Buy” and an average target price of $44.33.

Flex Company 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.