Seven Eight Capital LP Has $4.09 Million Holdings in Flex Ltd (FLEX)
Seven Eight Capital LP trimmed its position in shares of Flex Ltd (NASDAQ:FLEX) by 1.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 311,994 shares of the technology company’s stock after selling 4,400 shares during the period. Seven Eight Capital LP’s holdings in Flex were worth $4,093,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of FLEX. Campbell & CO Investment Adviser LLC acquired a new position in Flex during the 2nd quarter valued at about $161,000. Bank of Montreal Can boosted its stake in Flex by 116.5% during the 3rd quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock valued at $167,000 after purchasing an additional 6,831 shares during the period. Tower Research Capital LLC TRC boosted 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 valued at $223,000 after purchasing an additional 8,267 shares during the period. Jane Street Group LLC acquired a new position in Flex during the 1st quarter valued at about $229,000. Finally, Envestnet Asset Management Inc. boosted its stake in Flex by 63.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 16,773 shares of the technology company’s stock valued at $237,000 after purchasing an additional 6,539 shares during the period. 91.61% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:FLEX opened at $11.87 on Friday. The company has a market capitalization of $6.38 billion, a PE ratio of 14.84, a P/E/G ratio of 0.58 and a beta of 0.87. Flex Ltd has a twelve month low of $11.69 and a twelve month high of $19.71. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 0.93.
Flex announced that its Board of Directors has authorized a share repurchase program on Tuesday, August 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 6.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, insider Francois Barbier sold 70,278 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $14.03, for a total value of $986,000.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 70,678 shares of company stock valued at $991,332. Company insiders own 0.88% of the company’s stock.
A number of research analysts have issued reports on FLEX shares. ValuEngine lowered shares of Flex from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. BidaskClub lowered shares of Flex from a “sell” rating to a “strong sell” rating in a research note on Friday, August 31st. Finally, Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Wednesday, June 27th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. Flex has a consensus rating of “Hold” and an average target price of $19.69.
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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