Geode Capital Management LLC Reduces Position in Flex (FLEX)
Geode Capital Management LLC lowered its stake in Flex (NASDAQ:FLEX) by 12.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 323,540 shares of the technology company’s stock after selling 47,996 shares during the quarter. Geode Capital Management LLC owned 0.06% of Flex worth $5,769,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of FLEX. Cornerstone Capital Management Holdings LLC. boosted its holdings in Flex by 5.6% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 152,663 shares of the technology company’s stock worth $2,529,000 after purchasing an additional 8,100 shares during the last quarter. Berson & Corrado Investment Advisors LLC purchased a new stake in Flex in the fourth quarter worth approximately $3,714,000. KCS Wealth Advisory purchased a new stake in Flex in the fourth quarter worth approximately $886,000. Koshinski Asset Management Inc. purchased a new stake in Flex in the fourth quarter worth approximately $914,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Flex by 8.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 189,090 shares of the technology company’s stock worth $3,402,000 after purchasing an additional 14,756 shares during the last quarter. Institutional investors own 97.75% of the company’s stock.
Several brokerages recently issued reports on FLEX. BidaskClub upgraded shares of Flex from a “sell” rating to a “hold” rating in a report on Saturday, January 20th. Stifel Nicolaus raised their target price on shares of Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Bank of America raised their target price on shares of Flex from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Needham & Company LLC raised their target price on shares of Flex from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, ValuEngine upgraded shares of Flex from a “hold” rating to a “buy” rating in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $20.39.
Shares of Flex stock opened at $17.03 on Tuesday. The firm has a market cap of $8,901.71, a PE ratio of 16.70, a price-to-earnings-growth ratio of 0.86 and a beta of 0.85. Flex has a 1-year low of $14.70 and a 1-year high of $19.71. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.72 and a current ratio of 1.22.
Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, January 25th. The technology company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.50 billion. Flex had a net margin of 2.15% and a return on equity of 20.44%. The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.34 EPS. equities analysts expect that Flex will post 1.08 EPS for the current fiscal year.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It offers innovation services, such as innovations labs for supporting customer design and product development services from early concept stages; collective innovation platform, an ecosystem of technology solutions; Lab IX, a startup accelerator program; centers of excellence solutions in critical areas; interconnect technology center for printed circuits; and CloudLabs that enables customers to accelerate a spectrum of cloud, converged infrastructure, and datacenter strategies.
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