88,784 Shares in Flex Ltd. (NASDAQ:FLEX) Purchased by Cinctive Capital Management LP

Cinctive Capital Management LP bought a new stake in Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 88,784 shares of the technology company’s stock, valued at approximately $3,408,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FLEX. Sage Rhino Capital LLC lifted its stake in Flex by 1.1% in the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after purchasing an additional 374 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after buying an additional 403 shares during the period. Huntington National Bank lifted its position in shares of Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after buying an additional 478 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock worth $38,000 after acquiring an additional 509 shares during the period. Finally, Kesler Norman & Wride LLC increased its holdings in Flex by 3.9% in the 4th quarter. Kesler Norman & Wride LLC now owns 13,462 shares of the technology company’s stock worth $517,000 after acquiring an additional 511 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

NASDAQ FLEX opened at $34.06 on Thursday. The company’s 50 day simple moving average is $38.47 and its two-hundred day simple moving average is $37.65. 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 Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The stock has a market capitalization of $13.05 billion, a PE ratio of 13.73, a P/E/G ratio of 2.43 and a beta of 1.07.

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

Insider Activity

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % 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.

Analyst Ratings Changes

A number of brokerages have weighed in on FLEX. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Barclays lifted their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus started coverage on Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $44.33.

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.