Envestnet Asset Management Inc. Grows Stake in Flex Ltd. (NASDAQ:FLEX)

Envestnet Asset Management Inc. grew its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 10.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,291,821 shares of the technology company’s stock after acquiring an additional 122,183 shares during the quarter. Envestnet Asset Management Inc. owned about 0.32% of Flex worth $38,096,000 as of its most recent SEC filing.

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

Flex Stock Up 4.1 %

Shares of FLEX stock opened at $32.40 on Friday. The stock has a market cap of $12.92 billion, a P/E ratio of 14.09, a price-to-earnings-growth ratio of 1.74 and a beta of 1.09. The stock has a fifty day moving average price of $30.65 and a 200 day moving average price of $30.04. Flex Ltd. has a one year low of $21.84 and a one year high of $34.12. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.40 and a quick ratio of 0.75.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.09. The firm had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. Analysts predict that Flex Ltd. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Kwang Hooi Tan sold 8,028 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares in the company, valued at approximately $5,576,373.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The disclosure for this sale can be found here. Insiders have sold 28,028 shares of company stock worth $904,530 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

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

Flex 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.