Figure 8 Investment Strategies LLC Takes Position in Flex Ltd. (NASDAQ:FLEX)

Figure 8 Investment Strategies LLC bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 71,220 shares of the technology company’s stock, valued at approximately $2,734,000. Flex comprises 2.7% of Figure 8 Investment Strategies LLC’s portfolio, making the stock its 11th biggest position.

Several other institutional investors also recently bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new position in shares of Flex during the 3rd quarter valued at about $29,000. Huntington National Bank lifted its position in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares in the last quarter. R Squared Ltd bought a new position in Flex during the fourth quarter valued at approximately $35,000. First Horizon Advisors Inc. grew its holdings in Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after buying an additional 305 shares in the last quarter. Finally, UMB Bank n.a. bought a new stake in Flex in the 4th quarter worth approximately $64,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now directly owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Down 1.4 %

Shares of NASDAQ FLEX opened at $42.39 on Friday. The stock has a 50 day moving average price of $40.50 and a 200 day moving average price of $36.14. The firm has a market capitalization of $16.24 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 2.58 and a beta of 1.10. Flex Ltd. has a 52-week low of $25.27 and a 52-week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. Sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on FLEX. StockNews.com lowered shares of Flex from a “buy” rating to a “hold” rating in a report on Saturday, February 1st. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research note on Thursday, October 17th. Barclays upped their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. KeyCorp assumed coverage on Flex in a research note on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price objective on the stock. Finally, Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday. They issued a “buy” rating and a $52.00 price objective for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $44.33.

Flex 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.