Virtu Financial LLC Makes New Investment in Flex Ltd. $FLEX

Virtu Financial LLC acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 21,832 shares of the technology company’s stock, valued at approximately $1,319,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares in the last quarter. Norges Bank purchased a new stake in shares of Flex in the fourth quarter valued at $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Flex in the fourth quarter worth $2,497,000. Sequoia Financial Advisors LLC boosted its position in shares of Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after buying an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas grew its holdings in shares of Flex by 62.3% during the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company’s stock valued at $20,566,000 after buying an additional 130,641 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FLEX. The Goldman Sachs Group increased their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Barclays upped their target price on Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Robert W. Baird set a $165.00 price target on shares of Flex in a research report on Thursday, May 7th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, KeyCorp boosted their price objective on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned 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 $115.70.

Flex Price Performance

FLEX opened at $147.61 on Friday. The stock has a fifty day moving average price of $123.64 and a 200 day moving average price of $85.02. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 1 year low of $45.31 and a 1 year high of $166.86. The stock has a market cap of $54.08 billion, a price-to-earnings ratio of 63.35, a PEG ratio of 0.78 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. Analysts forecast that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael P. Hartung sold 8,203 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.01, for a total transaction of $1,214,126.03. Following the transaction, the insider owned 232,102 shares of the company’s stock, valued at approximately $34,353,417.02. This trade represents a 3.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 10,540 shares of Flex stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $148.02, for a total transaction of $1,560,130.80. Following the completion of the sale, the chief operating officer owned 235,602 shares of the company’s stock, valued at $34,873,808.04. This trade represents a 4.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 433,924 shares of company stock worth $61,663,653 in the last quarter. Corporate insiders own 0.57% 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.