Veracity Capital LLC Increases Stock Position in Flex Ltd. (NASDAQ:FLEX)

Veracity Capital LLC raised its position in shares of Flex Ltd. (NASDAQ:FLEX) by 36.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,264 shares of the technology company’s stock after buying an additional 3,011 shares during the quarter. Veracity Capital LLC’s holdings in Flex were worth $322,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Richardson Financial Services Inc. purchased a new position in shares of Flex in the 4th quarter worth about $34,000. CWM LLC raised its position in shares of Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock worth $49,000 after purchasing an additional 773 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Flex by 276.6% in the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock worth $60,000 after purchasing an additional 1,455 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Flex in the 4th quarter worth about $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Flex in the 4th quarter worth about $77,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on FLEX shares. JPMorgan Chase & Co. lifted their price objective on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Barclays lifted their price objective on Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Craig Hallum downgraded Flex from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. Finally, StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.83.

Flex Trading Up 2.1 %

Flex stock opened at $30.10 on Friday. The business has a 50-day simple moving average of $30.61 and a two-hundred day simple moving average of $28.40. The company has a market cap of $12.00 billion, a P/E ratio of 13.09, a P/E/G ratio of 2.01 and a beta of 1.12. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $34.12. The company has a quick ratio of 0.79, a current ratio of 1.52 and a debt-to-equity ratio of 0.61.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.10 billion. Flex had a return on equity of 16.46% and a net margin of 3.58%. Analysts predict that Flex Ltd. will post 2.06 EPS for the current year.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 1,670 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total transaction of $54,325.10. Following the completion of the transaction, the chief accounting officer now directly owns 27,060 shares in the company, valued at approximately $880,261.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Daniel Wendler sold 1,670 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $32.53, for a total value of $54,325.10. Following the transaction, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at approximately $880,261.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Revathi Advaithi sold 161,052 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $28.65, for a total value of $4,614,139.80. Following the sale, the chief executive officer now directly owns 1,903,404 shares in the company, valued at $54,532,524.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 804,542 shares of company stock worth $25,147,972. 0.82% of the stock is owned by company insiders.

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.