Seascape Capital Management Buys 823 Shares of Flex Ltd. (NASDAQ:FLEX)

Seascape Capital Management lifted its stake in Flex Ltd. (NASDAQ:FLEX) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,463 shares of the technology company’s stock after acquiring an additional 823 shares during the quarter. Flex accounts for about 1.4% of Seascape Capital Management’s investment portfolio, making the stock its 24th largest holding. Seascape Capital Management’s holdings in Flex were worth $4,010,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FLEX. Harbor Capital Advisors Inc. bought a new stake in Flex during the third quarter valued at approximately $29,000. Huntington National Bank grew its position in Flex by 87.9% during the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. R Squared Ltd bought a new stake in Flex during the fourth quarter valued at approximately $35,000. First Horizon Advisors Inc. grew its position in Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after buying an additional 305 shares during the period. Finally, UMB Bank n.a. bought a new stake in Flex during the fourth quarter valued at approximately $64,000. 94.30% of the stock is currently owned by institutional investors.

Flex Price Performance

Flex stock opened at $42.51 on Friday. The company has a market cap of $16.29 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 2.58 and a beta of 1.10. The firm’s fifty day moving average is $40.64 and its 200 day moving average is $36.29. The company has a quick ratio of 0.85, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share 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%. Sell-side analysts forecast that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FLEX has been the subject of several recent research reports. Barclays boosted their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 target price on the stock. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday. KeyCorp assumed coverage on shares of Flex in a report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price on the stock. Finally, Craig Hallum boosted their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $44.33.

Insider Buying and Selling at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the company’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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.