ExodusPoint Capital Management LP Increases Position in Flex Ltd. (NASDAQ:FLEX)

ExodusPoint Capital Management LP lifted its holdings in Flex Ltd. (NASDAQ:FLEX) by 95.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 637,886 shares of the technology company’s stock after buying an additional 311,872 shares during the period. ExodusPoint Capital Management LP owned approximately 0.14% of Flex worth $17,631,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Quarry LP purchased a new position in Flex in the first quarter valued at approximately $38,000. Edmond DE Rothschild Holding S.A. purchased a new position in Flex in the first quarter valued at approximately $76,000. Covestor Ltd lifted its position in shares of Flex by 130.7% during the first quarter. Covestor Ltd now owns 5,137 shares of the technology company’s stock worth $95,000 after acquiring an additional 2,910 shares in the last quarter. Assetmark Inc. lifted its position in shares of Flex by 12.4% during the first quarter. Assetmark Inc. now owns 6,214 shares of the technology company’s stock worth $143,000 after acquiring an additional 685 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in shares of Flex by 320.3% during the second quarter. Exchange Traded Concepts LLC now owns 6,792 shares of the technology company’s stock worth $188,000 after acquiring an additional 5,176 shares in the last quarter. Hedge funds and other institutional investors own 95.26% of the company’s stock.

Flex Trading Up 1.1 %

Flex stock opened at $26.54 on Tuesday. The stock has a market cap of $11.54 billion, a P/E ratio of 15.34, a PEG ratio of 0.99 and a beta of 1.30. Flex Ltd. has a fifty-two week low of $19.44 and a fifty-two week high of $28.90. The firm’s fifty day moving average price is $25.87 and its 200-day moving average price is $26.17. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.82 and a current ratio of 1.53.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, October 25th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.09. The business had revenue of $7.47 billion for the quarter, compared to analysts’ expectations of $7.52 billion. Flex had a return on equity of 16.86% and a net margin of 2.62%. Equities research analysts forecast that Flex Ltd. will post 2.19 earnings per share for the current fiscal year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 150,000 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $25.82, for a total value of $3,873,000.00. Following the transaction, the executive vice president now owns 237,094 shares of the company’s stock, valued at $6,121,767.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Flex news, CFO Paul Lundstrom sold 53,517 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $25.72, for a total transaction of $1,376,457.24. Following the completion of the sale, the chief financial officer now directly owns 431,350 shares in the company, valued at $11,094,322. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP David Scott Offer sold 150,000 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $25.82, for a total transaction of $3,873,000.00. Following the sale, the executive vice president now owns 237,094 shares of the company’s stock, valued at $6,121,767.08. The disclosure for this sale can be found here. Insiders have sold a total of 213,017 shares of company stock valued at $5,493,037 over the last 90 days. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FLEX. Credit Suisse Group restated an “outperform” rating and set a $34.00 target price on shares of Flex in a research report on Monday, July 24th. StockNews.com began coverage on Flex in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Barclays assumed coverage on Flex in a research report on Thursday, September 7th. They set an “overweight” rating and a $35.00 target price on the stock.

About Flex

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.