Citigroup Inc. Purchases 11,372 Shares of Flex Ltd. (NASDAQ:FLEX)

Citigroup Inc. increased its position in Flex Ltd. (NASDAQ:FLEX) by 10.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,720 shares of the technology company’s stock after purchasing an additional 11,372 shares during the period. Citigroup Inc.’s holdings in Flex were worth $2,755,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Atticus Wealth Management LLC acquired a new position in shares of Flex during the first quarter valued at about $27,000. Motco bought a new stake in Flex during the 4th quarter worth approximately $27,000. Dark Forest Capital Management LP bought a new position in shares of Flex in the fourth quarter valued at approximately $36,000. Belpointe Asset Management LLC purchased a new position in shares of Flex during the fourth quarter valued at approximately $36,000. Finally, James Investment Research Inc. bought a new stake in Flex during the first quarter worth $60,000. Institutional investors and hedge funds own 95.26% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on FLEX shares. Bank of America upped their target price on shares of Flex from $28.00 to $31.00 in a research note on Sunday, July 9th. StockNews.com assumed coverage on Flex in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $34.00 target price on shares of Flex in a research report on Monday, July 24th.

Insider Buying and Selling at Flex

In other Flex news, CFO Paul Lundstrom sold 45,445 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $26.51, for a total transaction of $1,204,746.95. Following the completion of the sale, the chief financial officer now directly owns 540,094 shares in the company, valued at $14,317,891.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Flex news, CEO Revathi Advaithi sold 240,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $27.29, for a total transaction of $6,549,600.00. Following the completion of the transaction, the chief executive officer now owns 1,585,268 shares of the company’s stock, valued at approximately $43,261,963.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul Lundstrom sold 45,445 shares of Flex stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $26.51, for a total value of $1,204,746.95. Following the completion of the sale, the chief financial officer now owns 540,094 shares in the company, valued at $14,317,891.94. The disclosure for this sale can be found here. Insiders have sold 618,136 shares of company stock valued at $16,570,159 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $27.51 on Tuesday. Flex Ltd. has a 1 year low of $16.11 and a 1 year high of $28.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.46 and a quick ratio of 0.75. The business has a fifty day simple moving average of $27.24 and a two-hundred day simple moving average of $24.54. The company has a market capitalization of $12.20 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.14 and a beta of 1.45.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, July 26th. The technology company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The business had revenue of $7.34 billion for the quarter, compared to the consensus estimate of $7.24 billion. Flex had a net margin of 2.60% and a return on equity of 17.98%. On average, analysts expect that Flex Ltd. will post 2.13 earnings per share for the current 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.