Blue Door Asset Management LLC Raises Stock Position in Flex Ltd. (NASDAQ:FLEX)

Blue Door Asset Management LLC grew its stake in Flex Ltd. (NASDAQ:FLEX) by 5.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 723,150 shares of the technology company’s stock after acquiring an additional 37,950 shares during the period. Flex accounts for approximately 9.4% of Blue Door Asset Management LLC’s holdings, making the stock its largest position. Blue Door Asset Management LLC owned approximately 0.16% of Flex worth $16,640,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Schonfeld Strategic Advisors LLC increased its holdings in Flex by 13.8% during the first quarter. Schonfeld Strategic Advisors LLC now owns 89,727 shares of the technology company’s stock worth $2,065,000 after buying an additional 10,891 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Flex by 18.2% in the 1st quarter. Cubist Systematic Strategies LLC now owns 631,950 shares of the technology company’s stock valued at $14,541,000 after purchasing an additional 97,265 shares during the period. Clayton Partners LLC raised its holdings in shares of Flex by 2.5% in the 1st quarter. Clayton Partners LLC now owns 438,695 shares of the technology company’s stock valued at $10,094,000 after purchasing an additional 10,760 shares during the period. Marietta Investment Partners LLC grew its holdings in Flex by 4.6% during the first quarter. Marietta Investment Partners LLC now owns 282,854 shares of the technology company’s stock worth $6,508,000 after purchasing an additional 12,403 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Flex by 22.9% during the first quarter. Public Employees Retirement System of Ohio now owns 21,981 shares of the technology company’s stock worth $506,000 after buying an additional 4,101 shares during the last quarter. Institutional investors and hedge funds own 95.26% of the company’s stock.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 240,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $27.29, for a total transaction of $6,549,600.00. Following the sale, the chief executive officer now directly owns 1,585,268 shares in the company, valued at $43,261,963.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Flex news, CEO Revathi Advaithi sold 240,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were 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 directly owns 1,585,268 shares in the company, valued at $43,261,963.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kwang Hooi Tan sold 5,020 shares of the firm’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $26.97, for a total value of $135,389.40. Following the completion of the sale, the insider now directly owns 144,208 shares in the company, valued at approximately $3,889,289.76. The disclosure for this sale can be found here. Insiders sold a total of 308,541 shares of company stock valued at $8,375,967 over the last quarter. 0.56% of the stock is owned by corporate insiders.

Flex Trading Up 1.0 %

FLEX stock opened at $26.50 on Tuesday. Flex Ltd. has a 52 week low of $16.11 and a 52 week high of $28.90. The company has a market capitalization of $11.75 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.09 and a beta of 1.45. The company’s 50-day simple moving average is $27.18 and its 200 day simple moving average is $24.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.46.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, July 26th. The technology company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. The company had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.24 billion. Flex had a net margin of 2.60% and a return on equity of 17.98%. As a group, sell-side analysts anticipate that Flex Ltd. will post 2.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FLEX. StockNews.com assumed coverage on Flex in a research note on Thursday, August 17th. They set a “hold” rating for the company. Bank of America upped their price objective on shares of Flex from $28.00 to $31.00 in a report on Sunday, July 9th. Barclays began coverage on shares of Flex in a research note on Thursday, September 7th. They set an “overweight” rating and a $35.00 target price for the company. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $34.00 price target on shares of Flex in a report on Monday, July 24th.

About Flex

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.