Cinctive Capital Management LP Acquires Shares of 88,784 Flex Ltd. (NASDAQ:FLEX)

Cinctive Capital Management LP purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 88,784 shares of the technology company's stock, valued at approximately $3,408,000.

Several other hedge funds have also made changes to their positions in the business. R Squared Ltd acquired a new stake in shares of Flex in the fourth quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock valued at $38,000 after purchasing an additional 509 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Flex during the 4th quarter valued at $38,000. Huntington National Bank increased its holdings in shares of Flex by 46.7% during the 4th quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after buying an additional 478 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Flex by 82.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,553 shares of the technology company's stock worth $60,000 after buying an additional 704 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barclays upped their price target on Flex from $43.00 to $49.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. StockNews.com upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. KeyCorp reduced their price target on shares of Flex from $46.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, Stifel Nicolaus began coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $43.33.

Flex Stock Up 4.1 %

NASDAQ FLEX traded up $1.14 on Tuesday, reaching $29.21. The company had a trading volume of 2,128,446 shares, compared to its average volume of 3,925,282. The firm has a market capitalization of $11.19 billion, a PE ratio of 11.81, a P/E/G ratio of 2.43 and a beta of 0.99. The firm has a 50-day moving average of $37.61 and a 200-day moving average of $37.64. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results 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 net margin of 3.95% and a return on equity of 17.93%. On average, equities research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity

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

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.