Investors Buy Large Volume of Flex Call Options (NASDAQ:FLEX)

Flex Ltd. (NASDAQ:FLEX) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 3,929 call options on the company. This is an increase of approximately 123% compared to the typical volume of 1,760 call options.

Insiders Place Their Bets

In related news, Director Charles K. Stevens III sold 13,157 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the completion of the transaction, the director now owns 55,713 shares in the company, valued at $2,155,535.97. The trade was a 19.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flex

A number of hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its stake in Flex by 1.3% in the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock worth $898,389,000 after acquiring an additional 344,773 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Flex by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock worth $237,216,000 after purchasing an additional 31,214 shares in the last quarter. JPMorgan Chase & Co. grew its position in Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after purchasing an additional 296,505 shares in the last quarter. Geode Capital Management LLC increased its stake in Flex by 619.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after buying an additional 3,844,935 shares during the period. Finally, State Street Corp lifted its position in Flex by 19.7% in the 3rd quarter. State Street Corp now owns 3,664,463 shares of the technology company’s stock worth $122,503,000 after buying an additional 603,208 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FLEX has been the topic of a number of analyst reports. Stifel Nicolaus increased their price objective on shares of Flex from $40.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Craig Hallum boosted their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price target on Flex in a report on Thursday, October 17th. Barclays increased their target price on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, KeyCorp assumed coverage on shares of Flex in a research report on Tuesday, October 22nd. They set an “overweight” rating and a $41.00 price target on the stock. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus price target of $43.67.

Flex Price Performance

Flex stock traded down $0.43 during midday trading on Friday, hitting $41.65. The company’s stock had a trading volume of 3,989,502 shares, compared to its average volume of 3,714,105. Flex has a 12 month low of $23.64 and a 12 month high of $45.10. The company has a quick ratio of 0.85, a current ratio of 1.43 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average price is $39.95 and its 200-day moving average price is $35.35. The company has a market capitalization of $16.15 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 2.61 and a beta of 1.10.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.83%. Analysts anticipate that Flex will post 2.16 earnings per share for the current fiscal year.

Flex Company 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.