Flex Ltd. $FLEX Position Lifted by Castleark Management LLC

Castleark Management LLC grew its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 85.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,580 shares of the technology company’s stock after acquiring an additional 4,870 shares during the period. Castleark Management LLC’s holdings in Flex were worth $693,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. JSF Financial LLC raised its stake in shares of Flex by 0.6% in the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company’s stock valued at $1,342,000 after purchasing an additional 115 shares in the last quarter. Glenview Trust Co grew its stake in Flex by 3.4% in the first quarter. Glenview Trust Co now owns 3,775 shares of the technology company’s stock worth $247,000 after purchasing an additional 125 shares in the last quarter. Resonant Capital Advisors LLC increased its holdings in Flex by 2.1% in the first quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock valued at $522,000 after buying an additional 163 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in Flex by 7.9% during the first quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company’s stock valued at $159,000 after buying an additional 178 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX stock opened at $116.07 on Tuesday. The company has a market cap of $42.53 billion, a P/E ratio of 49.82, a PEG ratio of 0.62 and a beta of 1.64. The business has a 50 day moving average of $141.10 and a two-hundred day moving average of $98.60. Flex Ltd. has a 52 week low of $47.83 and a 52 week 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.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, analysts anticipate that Flex Ltd. will post 4.18 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FLEX shares. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group upped their price target on Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Barclays lifted their price objective on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One equities research 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Insider Buying and Selling

In other news, EVP David Scott Offer sold 33,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 26,657 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following the transaction, the chief operating officer owned 257,527 shares of the company’s stock, valued at $37,207,500.96. This represents a 9.38% decrease in their position. 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 have sold 769,195 shares of company stock valued at $110,116,823 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Flex Company 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.