Squarepoint Ops LLC Reduces Stock Position in Flex Ltd. (NASDAQ:FLEX)

Squarepoint Ops LLC reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 24.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,146 shares of the technology company’s stock after selling 42,468 shares during the quarter. Squarepoint Ops LLC’s holdings in Flex were worth $3,838,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Richardson Financial Services Inc. acquired a new position in Flex during the 4th quarter worth $34,000. American Capital Advisory LLC acquired a new position in Flex in the second quarter worth about $46,000. J.Safra Asset Management Corp increased its holdings in Flex by 623.6% in the second quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after buying an additional 2,538 shares during the last quarter. Blue Trust Inc. raised its stake in Flex by 37.4% during the second quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after buying an additional 1,170 shares in the last quarter. Finally, Rothschild Investment LLC bought a new position in Flex during the 2nd quarter worth approximately $125,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

FLEX has been the topic of several research reports. Barclays upped their price target on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Craig Hallum upgraded Flex from a “hold” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. increased their price objective on Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus boosted their price target on Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Flex has an average rating of “Buy” and a consensus price target of $38.40.

Insider Transactions at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the executive vice president now owns 168,094 shares in the company, valued at approximately $5,377,327.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Flex news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares in the company, valued at $5,377,327.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kwang Hooi Tan sold 8,028 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. The disclosure for this sale can be found here. Insiders sold a total of 28,028 shares of company stock valued at $904,530 in the last three months. 0.82% of the stock is currently owned by corporate insiders.

Flex Trading Down 2.1 %

Shares of Flex stock opened at $32.72 on Wednesday. The business has a fifty day simple moving average of $31.03 and a 200-day simple moving average of $30.21. The firm has a market cap of $13.05 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.92 and a beta of 1.09. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.42. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The company had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $5.89 billion. On average, equities analysts forecast that Flex Ltd. will post 2.06 EPS for the current fiscal year.

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.