Flex Ltd. (NASDAQ:FLEX) Shares Purchased by Otter Creek Advisors LLC

Otter Creek Advisors LLC boosted its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 59.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 143,229 shares of the technology company’s stock after buying an additional 53,545 shares during the quarter. Flex accounts for about 3.8% of Otter Creek Advisors LLC’s holdings, making the stock its 3rd biggest holding. Otter Creek Advisors LLC’s holdings in Flex were worth $5,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in FLEX. First Horizon Advisors Inc. grew its position in Flex by 23.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Stephens Inc. AR increased its stake in Flex by 2.6% during the 3rd quarter. Stephens Inc. AR now owns 14,106 shares of the technology company’s stock worth $472,000 after buying an additional 361 shares during the period. Raymond James Trust N.A. lifted its holdings in Flex by 2.0% during the 3rd quarter. Raymond James Trust N.A. now owns 20,720 shares of the technology company’s stock worth $693,000 after buying an additional 413 shares in the last quarter. Huntington National Bank boosted its position in Flex by 87.9% in the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. Finally, Atomi Financial Group Inc. raised its stake in shares of Flex by 6.4% in the fourth quarter. Atomi Financial Group Inc. now owns 10,413 shares of the technology company’s stock valued at $400,000 after acquiring an additional 630 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FLEX. Stifel Nicolaus initiated coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 target price for the company. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Craig Hallum lifted their price target on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Barclays increased their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $44.33.

Flex Trading Up 3.1 %

NASDAQ FLEX opened at $39.76 on Thursday. The firm’s fifty day moving average price is $41.05 and its 200 day moving average price is $36.92. 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 Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The company has a market capitalization of $15.23 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. On average, sell-side analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

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.