Sphera Funds Management LTD. Decreases Stake in Flex Ltd (FLEX)

Sphera Funds Management LTD. lowered its position in shares of Flex Ltd (NASDAQ:FLEX) by 38.6% in the third quarter, HoldingsChannel.com reports. The firm owned 159,549 shares of the technology company’s stock after selling 100,275 shares during the period. Sphera Funds Management LTD.’s holdings in Flex were worth $2,093,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Bank of Montreal Can lifted its position in Flex by 116.5% during the 3rd quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock worth $167,000 after acquiring an additional 6,831 shares in the last quarter. Bank of Hawaii bought a new position in Flex during the 3rd quarter worth $170,000. Engineers Gate Manager LP bought a new position in Flex during the 3rd quarter worth $203,000. Signition LP bought a new position in Flex during the 3rd quarter worth $219,000. Finally, Tower Research Capital LLC TRC grew its stake in Flex by 109.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,817 shares of the technology company’s stock worth $223,000 after buying an additional 8,267 shares during the last quarter. Institutional investors and hedge funds own 92.78% of the company’s stock.

Shares of NASDAQ:FLEX opened at $8.41 on Friday. Flex Ltd has a twelve month low of $6.74 and a twelve month high of $19.71. The company has a market cap of $4.46 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 0.99 and a beta of 1.58. The company has a quick ratio of 0.69, a current ratio of 1.23 and a debt-to-equity ratio of 1.07.

Flex (NASDAQ:FLEX) last announced its earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Flex had a return on equity of 9.83% and a net margin of 1.15%. The firm had revenue of $6.71 billion during the quarter, compared to the consensus estimate of $6.81 billion. On average, equities research analysts forecast that Flex Ltd will post 0.82 earnings per share for the current fiscal year.

Flex announced that its Board of Directors has approved a share buyback program on Tuesday, August 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 6.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In other news, EVP David Scott Offer acquired 27,027 shares of Flex stock in a transaction on Tuesday, October 30th. The stock was bought at an average price of $7.48 per share, for a total transaction of $202,161.96. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Marc A. Onetto acquired 11,500 shares of Flex stock in a transaction on Tuesday, December 4th. The stock was purchased at an average price of $8.49 per share, with a total value of $97,635.00. The disclosure for this purchase can be found here. 0.88% of the stock is owned by corporate insiders.

Several research firms have recently issued reports on FLEX. BidaskClub raised Flex from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 23rd. Macquarie set a $9.00 target price on Flex and gave the company a “hold” rating in a report on Monday, October 29th. ValuEngine raised Flex from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Argus downgraded Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. Finally, Goldman Sachs Group lowered Flex from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Flex presently has an average rating of “Hold” and a consensus target price of $17.94.

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Flex Company Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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