Peregrine Capital Management LLC Has $5.15 Million Stake in Flex Ltd (NASDAQ:FLEX)

Peregrine Capital Management LLC raised its position in Flex Ltd (NASDAQ:FLEX) by 54.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 502,667 shares of the technology company’s stock after purchasing an additional 176,819 shares during the quarter. Peregrine Capital Management LLC’s holdings in Flex were worth $5,152,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC raised its stake in shares of Flex by 80.7% in the 1st quarter. Global Retirement Partners LLC now owns 4,287 shares of the technology company’s stock valued at $36,000 after purchasing an additional 1,915 shares during the period. Synovus Financial Corp acquired a new stake in shares of Flex in the first quarter valued at about $44,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Flex in the second quarter valued at about $53,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Flex in the first quarter valued at about $84,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Flex in the first quarter valued at about $90,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Flex stock opened at $11.49 on Friday. Flex Ltd has a 52 week low of $5.36 and a 52 week high of $14.00. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.74 and a current ratio of 1.26. The stock has a market capitalization of $5.72 billion, a P/E ratio of 60.47, a PEG ratio of 1.21 and a beta of 1.78. The stock has a 50-day simple moving average of $10.42 and a 200 day simple moving average of $10.45.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 30th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Flex had a return on equity of 3.32% and a net margin of 0.41%. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Research analysts forecast that Flex Ltd will post 0.87 earnings per share for the current year.

A number of analysts recently issued reports on the company. Royal Bank of Canada reaffirmed a “hold” rating and issued a $9.00 target price on shares of Flex in a research report on Wednesday, May 6th. Cfra lowered their target price on Flex from $15.00 to $12.00 and set a “hold” rating on the stock in a research report on Monday, May 11th. Citigroup lifted their target price on Flex from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Friday. Finally, BidaskClub raised Flex from a “sell” rating to a “hold” rating in a research report on Thursday, July 16th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Flex presently has a consensus rating of “Hold” and an average target price of $11.75.

In other news, CAO David P. Bennett sold 2,647 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $10.50, for a total transaction of $27,793.50. Following the completion of the sale, the chief accounting officer now owns 173,176 shares in the company, valued at $1,818,348. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 46,523 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $10.53, for a total value of $489,887.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 209,392 shares of company stock valued at $2,197,043. Corporate insiders own 0.56% of the company’s stock.

Flex 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.

Further Reading: How to calculate the intrinsic value of a stock

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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