ExodusPoint Capital Management LP Takes $9.15 Million Position in Flex Ltd. (NASDAQ:FLEX)

ExodusPoint Capital Management LP bought a new position in Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, Holdings Channel reports. The firm bought 238,387 shares of the technology company’s stock, valued at approximately $9,152,000.

Several other large investors also recently bought and sold shares of FLEX. R Squared Ltd acquired a new position in shares of Flex in the 4th quarter valued at $35,000. SBI Securities Co. Ltd. purchased a new position in Flex during the 4th quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Flex by 112.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after acquiring an additional 509 shares during the period. Huntington National Bank increased its stake in shares of Flex by 46.7% in the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock worth $58,000 after acquiring an additional 478 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Flex by 82.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company’s stock worth $60,000 after purchasing an additional 704 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now 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 disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the topic of several analyst reports. Barclays increased their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus initiated coverage on Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $44.33.

Flex Stock Down 9.0 %

Shares of FLEX opened at $26.68 on Friday. The firm has a market cap of $10.22 billion, a P/E ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. The stock’s 50 day moving average is $37.83 and its two-hundred day moving average is $37.57. 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 $25.11 and a 12 month high of $45.10.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping 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%. Analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Company 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.