Bridgefront Capital LLC Purchases Shares of 11,158 Flex Ltd. (NASDAQ:FLEX)

Bridgefront Capital LLC acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX – Get Rating) during the third quarter, HoldingsChannel reports. The fund acquired 11,158 shares of the technology company’s stock, valued at approximately $186,000.

A number of other large investors also recently modified their holdings of FLEX. Invesco Ltd. raised its holdings in shares of Flex by 119.3% during the 1st quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after buying an additional 5,741,044 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Flex during the 2nd quarter worth approximately $82,769,000. Franklin Resources Inc. grew its position in Flex by 14.1% during the 2nd quarter. Franklin Resources Inc. now owns 14,792,799 shares of the technology company’s stock worth $214,052,000 after acquiring an additional 1,831,251 shares during the last quarter. Two Sigma Investments LP bought a new position in Flex during the 3rd quarter worth approximately $30,272,000. Finally, Balyasny Asset Management LLC grew its position in Flex by 114.0% during the 3rd quarter. Balyasny Asset Management LLC now owns 2,491,557 shares of the technology company’s stock worth $41,509,000 after acquiring an additional 1,327,223 shares during the last quarter. 95.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FLEX. Citigroup raised their price target on Flex from $23.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday, January 27th. StockNews.com started coverage on Flex in a research report on Thursday. They set a “hold” rating on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Flex Stock Performance

NASDAQ:FLEX opened at $20.73 on Friday. The stock has a 50-day simple moving average of $23.35 and a two-hundred day simple moving average of $20.82. Flex Ltd. has a 52-week low of $13.63 and a 52-week high of $25.12. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.68 and a current ratio of 1.36. The firm has a market capitalization of $9.35 billion, a PE ratio of 11.78, a P/E/G ratio of 0.78 and a beta of 1.49.

Flex (NASDAQ:FLEX – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $7.76 billion during the quarter, compared to analyst estimates of $7.51 billion. Flex had a return on equity of 19.38% and a net margin of 2.76%. The business’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 earnings per share. Analysts forecast that Flex Ltd. will post 2.07 EPS for the current year.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 1,512 shares of the stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $21.95, for a total value of $33,188.40. Following the transaction, the chief accounting officer now owns 18,266 shares of the company’s stock, valued at $400,938.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Daniel Wendler sold 1,512 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $21.95, for a total transaction of $33,188.40. Following the completion of the sale, the chief accounting officer now owns 18,266 shares in the company, valued at approximately $400,938.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kwang Hooi Tan sold 3,483 shares of the firm’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $22.81, for a total value of $79,447.23. Following the completion of the transaction, the insider now owns 131,002 shares of the company’s stock, valued at approximately $2,988,155.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,216 shares of company stock worth $579,973. 0.54% of the stock is currently owned by company insiders.

About Flex

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Flex Ltd. operates as a manufacturing services company. It delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The firm operates through the following segments: Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). The Flex Agility Solutions segment comprised of Communications, Enterprise and Cloud (CEC) includes data infrastructure, edge infrastructure and communications infrastructure, Lifestyle includes appliances, consumer packaging, floorcare, micro mobility and audio and, Consumer Devices include mobile and high velocity consumer devices.