Revere Asset Management Inc Makes New $6.87 Million Investment in Flex Ltd. $FLEX

Revere Asset Management Inc bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 42,412 shares of the technology company’s stock, valued at approximately $6,874,000. Flex comprises approximately 2.6% of Revere Asset Management Inc’s investment portfolio, making the stock its 7th biggest holding.

A number of other hedge funds have also recently made changes to their positions in the stock. Frazier Financial Advisors LLC purchased a new position in Flex in the 4th quarter worth about $28,000. Gables Capital Management Inc. purchased a new stake in Flex in the 4th quarter valued at about $42,000. Parkside Financial Bank & Trust grew its stake in Flex by 32.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 805 shares of the technology company’s stock worth $130,000 after acquiring an additional 195 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in shares of Flex during the second quarter worth approximately $160,000. Finally, Western Wealth Management LLC bought a new stake in shares of Flex during the first quarter valued at approximately $65,000. 94.30% of the stock is currently owned by institutional investors.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 22,627 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider owned 253,199 shares in the company, valued at $36,582,191.52. The trade was a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Tan sold 26,657 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,851,403.36. Following the transaction, the chief operating officer directly owned 257,527 shares in the company, valued at approximately $37,207,500.96. The trade was a 9.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 356,776 shares of company stock worth $51,558,846. 0.62% of the stock is owned by corporate insiders.

Flex Stock Down 6.4%

Flex stock traded down $7.46 during mid-day trading on Monday, reaching $108.32. 2,981,545 shares of the company were exchanged, compared to its average volume of 4,876,301. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The firm has a market cap of $40.01 billion, a P/E ratio of 41.82, a PEG ratio of 0.58 and a beta of 1.67. The business has a fifty day moving average of $119.07 and a 200 day moving average of $110.78. Flex Ltd. has a 12-month low of $53.07 and a 12-month high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The business had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Research analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on FLEX. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Raymond James Financial set a $170.00 price target on Flex and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. The Goldman Sachs Group decreased their price objective on Flex from $177.00 to $154.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Robert W. Baird set a $142.00 price objective on shares of Flex in a research note on Thursday, July 30th. Finally, Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Flex presently has a consensus rating of “Moderate Buy” and an average target price of $114.20.

Flex Company Profile

Flex Ltd. (NASDAQ:FLEX) is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.