Proficio Capital Partners LLC Takes $5.55 Million Position in Flex Ltd. (NASDAQ:FLEX)

Proficio Capital Partners LLC bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 144,615 shares of the technology company’s stock, valued at approximately $5,552,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank raised its holdings in shares of Flex by 87.9% in the third 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 last quarter. R Squared Ltd purchased a new stake in shares of Flex in the fourth quarter valued at about $35,000. SBI Securities Co. Ltd. acquired a new position in shares of Flex during the fourth quarter worth about $38,000. First Horizon Advisors Inc. increased its stake in shares of Flex by 23.6% during the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after acquiring an additional 305 shares during the period. Finally, UMB Bank n.a. acquired a new position in shares of Flex during the fourth quarter worth about $64,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Flex presently has a consensus rating of “Buy” and an average target price of $44.33.

Insider Buying and Selling

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

Flex Stock Up 2.6 %

Shares of FLEX opened at $34.49 on Monday. The firm has a market cap of $13.21 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07. The company’s fifty day moving average is $40.19 and its two-hundred day moving average is $37.27. Flex Ltd. has a fifty-two week low of $25.27 and a fifty-two week high of $45.10. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current 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.