Virtu Financial LLC Makes New Investment in Flex Ltd. $FLEX

Virtu Financial LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, Holdings Channel reports. The fund purchased 21,832 shares of the technology company’s stock, valued at approximately $1,319,000.

Several other large investors also recently made changes to their positions in the stock. USA Financial Formulas acquired a new position in shares of Flex during the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust raised its stake in shares of Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after acquiring an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new stake in Flex in the 4th quarter worth approximately $28,000. Gables Capital Management Inc. bought a new stake in Flex during the fourth quarter worth approximately $42,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after purchasing an additional 695 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Analyst Ratings Changes

FLEX has been the topic of a number of recent analyst reports. Robert W. Baird set a $165.00 price target on shares of Flex in a research report on Thursday, May 7th. Zacks Research raised shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Barclays raised their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Stifel Nicolaus upped their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.70.

Flex Stock Performance

NASDAQ FLEX opened at $147.61 on Friday. Flex Ltd. has a twelve month low of $45.31 and a twelve month high of $166.86. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock has a market cap of $54.08 billion, a P/E ratio of 63.35, a PEG ratio of 0.78 and a beta of 1.64. The company’s 50-day simple moving average is $123.64 and its 200 day simple moving average is $85.02.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The firm had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, research analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 33,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the sale, the executive vice president directly owned 73,471 shares in the company, valued at $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 114,090 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer owned 689,022 shares of the company’s stock, valued at $98,096,062.14. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 433,924 shares of company stock worth $61,663,653 in the last 90 days. 0.57% of the stock is owned by corporate insiders.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.