Candelo Capital Management LP Takes Position in Flex Ltd. (NASDAQ:FLEX)

Candelo Capital Management LP bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 265,200 shares of the technology company’s stock, valued at approximately $8,078,000. Flex accounts for approximately 6.3% of Candelo Capital Management LP’s portfolio, making the stock its 6th largest holding. Candelo Capital Management LP owned about 0.06% of Flex as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of FLEX. Troluce Capital Advisors LLC grew its position in shares of Flex by 101.2% during the 3rd quarter. Troluce Capital Advisors LLC now owns 550,692 shares of the technology company’s stock valued at $14,858,000 after acquiring an additional 48,097,992 shares during the period. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth approximately $165,000,000. Schonfeld Strategic Advisors LLC lifted its position in shares of Flex by 211.2% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 1,409,636 shares of the technology company’s stock valued at $38,032,000 after buying an additional 956,676 shares in the last quarter. California Public Employees Retirement System grew its stake in Flex by 63.9% in the 4th quarter. California Public Employees Retirement System now owns 2,423,404 shares of the technology company’s stock valued at $73,817,000 after acquiring an additional 944,928 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in Flex by 57.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,815,591 shares of the technology company’s stock worth $48,985,000 after acquiring an additional 665,076 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Flex

In related news, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now directly owns 161,913 shares of the company’s stock, valued at approximately $4,531,944.87. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Michael P. Hartung sold 43,381 shares of Flex stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $30.51, for a total value of $1,323,554.31. Following the completion of the transaction, the insider now owns 154,810 shares in the company, valued at approximately $4,723,253.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rebecca Sidelinger sold 13,675 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $27.99, for a total transaction of $382,763.25. Following the sale, the insider now owns 161,913 shares in the company, valued at $4,531,944.87. The disclosure for this sale can be found here. Insiders sold 320,451 shares of company stock worth $9,259,452 in the last three months. 0.56% of the stock is owned by company insiders.

Flex Trading Down 0.3 %

NASDAQ:FLEX traded down $0.09 during trading hours on Tuesday, reaching $29.75. 3,608,716 shares of the stock were exchanged, compared to its average volume of 4,843,376. Flex Ltd. has a twelve month low of $21.84 and a twelve month high of $30.93. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average of $28.45 and a two-hundred day moving average of $27.20. The company has a market capitalization of $12.53 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.96 and a beta of 1.18.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FLEX shares. The Goldman Sachs Group boosted their price target on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. StockNews.com assumed coverage on shares of Flex in a research report on Wednesday, March 6th. They set a “hold” rating on the stock. Barclays lifted their target price on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Craig Hallum downgraded shares of Flex from a “buy” rating to a “hold” rating and cut their price target for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised their target price on Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.83.

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.