Sage Rhino Capital LLC Raises Stock Position in Flex Ltd. (NASDAQ:FLEX)

Sage Rhino Capital LLC lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 1.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 35,378 shares of the technology company’s stock after buying an additional 374 shares during the quarter. Sage Rhino Capital LLC’s holdings in Flex were worth $1,358,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FLEX. Wealth Enhancement Advisory Services LLC increased its position in shares of Flex by 2.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 46,950 shares of the technology company’s stock worth $1,570,000 after acquiring an additional 1,296 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of Flex by 39.1% during the third quarter. First Trust Direct Indexing L.P. now owns 16,917 shares of the technology company’s stock worth $566,000 after acquiring an additional 4,757 shares during the period. Stephens Inc. AR increased its position in shares of Flex by 2.6% during the third quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock worth $472,000 after acquiring an additional 361 shares during the period. New York State Common Retirement Fund increased its position in shares of Flex by 3.9% during the third quarter. New York State Common Retirement Fund now owns 1,345,604 shares of the technology company’s stock worth $44,984,000 after acquiring an additional 50,155 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. increased its position in shares of Flex by 6.9% during the third quarter. Lowe Brockenbrough & Co. Inc. now owns 11,225 shares of the technology company’s stock worth $375,000 after acquiring an additional 725 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FLEX. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays boosted their price objective on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Price Performance

NASDAQ FLEX opened at $37.89 on Monday. The firm’s fifty day simple moving average is $41.08 and its two-hundred day simple moving average is $37.05. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The firm has a market capitalization of $14.52 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.43 and a beta of 1.10.

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

Insiders Place Their Bets

In other Flex news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on 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 of the company’s stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. This trade 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.

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.