August 20, 2023 – Russell Investments Group Ltd. has disclosed that it has increased its holdings in Flex Ltd. (NASDAQ:FLEX) by 6.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm now owns 329,017 shares of Flex’s stock after acquiring an additional 19,120 shares during the quarter. This brings Russell Investments Group Ltd.’s ownership of Flex to 0.07% and is valued at $7,567,000.
Flex recently released its quarterly earnings report on July 26th. The technology company reported an impressive earnings per share (EPS) of $0.50 for the quarter, surpassing the consensus estimate of $0.41 by $0.09. Furthermore, Flex generated revenue of $7.34 billion during the quarter, exceeding analysts’ expectations of $7.24 billion.
These positive results demonstrate Flex’s strong performance and financial stability as a technology company operating within a highly competitive industry. Additionally, Flex boasts a return on equity of 17.98%, indicating its effectiveness in utilizing shareholders’ investments to generate profits.
Although the net margin for Flex remains at a modest 2.60%, these factors collectively inspire confidence among research analysts who predict that the company will achieve earnings per share (EPS) of 2.09 for the current fiscal year.
Russell Investments Group Ltd.’s decision to increase its stake in Flex suggests their belief in the company’s growth potential and long-term prospects within the market.
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Flex Ltd.: Drawing Institutional Investor and Hedge Fund Attention with Promising Performance and Growth Potential in the Technology Sector
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”FLEX” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Flex Ltd., a leading global manufacturer of innovative technology solutions, has recently attracted the attention of various institutional investors and hedge funds. Atticus Wealth Management LLC, Motco, Dark Forest Capital Management LP, Belpointe Asset Management LLC, and James Investment Research Inc. have all acquired positions in Flex during different quarters, reflecting the growing interest in the company’s potential.
Atticus Wealth Management LLC entered into a new position in Flex shares during the first quarter with an investment worth $27,000. Similarly, Motco acquired a position during the fourth quarter valued at $27,000. Dark Forest Capital Management LP and Belpointe Asset Management LLC also joined in on acquiring Flex shares during the same period with investments worth $36,000 each. Lastly, James Investment Research Inc. entered into a position during the first quarter with an investment totaling $60,000. This influx of institutional investors and hedge funds showcases the confidence placed in Flex by industry experts.
Moreover, research reports about Flex have been released by prominent institutions as well. Bank of America raised its price target for Flex from $28.00 to $31.00, demonstrating optimism about the company’s future prospects. Credit Suisse Group also reaffirmed its “outperform” rating for Flex shares and set a target price of $34.00. In addition to these reports, StockNews.com provided coverage on Flex and assigned it a “hold” rating.
In recent news concerning executive movements within the company, CAO Daniel Wendler sold 1,241 shares of Flex stock at an average price of $26.07 per share on June 2nd. The transaction amounted to approximately $32,352.87. Following this sale, Wendler now possesses 17,025 shares valued at around $443,8417 5in total.
Furthermore CEO Revathi Advaithi sold 47,893 shares on June 2nd at a average price of $26.07, amounting to $1,248,570.51. Advaithi now holds 1,424,759 shares valued at approximately $37,143,467.13. These transactions were all disclosed in documents filed with the Securities and Exchange Commision (SEC), accessible through the SEC website.
It is worth noting that not only Wendler and Advaithi but also other insiders have made significant stock sales recently. In the last quarter alone, insiders sold a total of 775,934 shares of Flex stock, amounting to a value of $20,686,303. This represents approximately 0.56% ownership by company insiders.
As of Friday’s opening trading session on August 20th, shares of Flex were priced at $25.70. The company has a current ratio of 1.46 and a quick ratio of 0.75, indicating its strong liquidity position. With a market capitalization of $11.40 billion and a price-to-earnings ratio of 14.94, Flex showcases its financial stability and attractiveness as an investment option in the tech industry.
Flex Ltd.’s stock has experienced significant movement over the past year with a low point of $16.11 and a high point of $28.90 during this period.
Overall, Flex continues to draw attention from institutional investors and hedge funds due to its promising performance and potential for future growth in the technology sector
