Brandes Investment Partners LP Boosts Holdings in Flex Ltd. (NASDAQ:FLEX)

Brandes Investment Partners LP grew its position in Flex Ltd. (NASDAQ:FLEX) by 8.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,055,170 shares of the technology company’s stock after acquiring an additional 157,516 shares during the quarter. Brandes Investment Partners LP’s holdings in Flex were worth $60,592,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Richardson Financial Services Inc. purchased a new stake in shares of Flex in the 4th quarter worth $34,000. Quarry LP bought a new stake in shares of Flex in the second quarter valued at about $43,000. American Capital Advisory LLC purchased a new stake in Flex in the second quarter worth about $46,000. J.Safra Asset Management Corp grew its holdings in Flex by 623.6% during the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock worth $87,000 after acquiring an additional 2,538 shares in the last quarter. Finally, Rothschild Investment LLC purchased a new position in Flex during the 2nd quarter valued at about $125,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Barclays boosted their price target on Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and lifted their target price for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $38.40.

Insider Activity at Flex

In other Flex news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the sale, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Flex news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares of the company’s stock, valued at $5,209,197.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now directly owns 175,468 shares in the company, valued at $5,576,373.04. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 over the last quarter. Insiders own 0.82% of the company’s stock.

Flex Trading Down 1.3 %

Shares of Flex stock opened at $33.56 on Monday. The firm’s 50 day simple moving average is $30.95 and its two-hundred day simple moving average is $30.16. The firm has a market capitalization of $13.38 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.92 and a beta of 1.09. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $34.42. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The firm had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. Analysts predict that Flex Ltd. will post 2.06 EPS for the current year.

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.