Westfield Capital Management Co. LP Invests $51.54 Million in Flex Ltd. (NASDAQ:FLEX)

Westfield Capital Management Co. LP purchased a new position in Flex Ltd. (NASDAQ:FLEX) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,801,579 shares of the technology company’s stock, valued at approximately $51,543,000. Westfield Capital Management Co. LP owned about 0.43% of Flex at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Twin Tree Management LP increased its stake in shares of Flex by 29,912.0% in the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock worth $2,782,000 after acquiring an additional 96,915 shares during the last quarter. Blair William & Co. IL boosted its holdings in Flex by 7.7% in the first quarter. Blair William & Co. IL now owns 12,378 shares of the technology company’s stock worth $354,000 after purchasing an additional 884 shares in the last quarter. Cozad Asset Management Inc. boosted its holdings in Flex by 0.3% in the first quarter. Cozad Asset Management Inc. now owns 323,361 shares of the technology company’s stock worth $9,251,000 after purchasing an additional 909 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Flex by 19.6% during the first quarter. William Blair Investment Management LLC now owns 8,595 shares of the technology company’s stock valued at $246,000 after acquiring an additional 1,411 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Flex during the first quarter valued at about $149,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLEX. JPMorgan Chase & Co. increased their price target on shares of Flex from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Barclays raised their price objective on shares of Flex from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Craig Hallum lowered shares of Flex from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $28.00 to $27.00 in a report on Thursday, May 2nd. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $33.20.

Insider Activity at Flex

In related news, CAO Daniel Wendler sold 1,670 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the completion of the sale, the chief accounting officer now owns 27,060 shares of the company’s stock, valued at $880,261.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Flex news, CAO Daniel Wendler sold 1,670 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $32.53, for a total value of $54,325.10. Following the transaction, the chief accounting officer now directly owns 27,060 shares of the company’s stock, valued at $880,261.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Paul Lundstrom sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $32.46, for a total transaction of $6,492,000.00. Following the completion of the transaction, the chief financial officer now directly owns 294,027 shares in the company, valued at $9,544,116.42. The disclosure for this sale can be found here. Insiders sold a total of 804,542 shares of company stock valued at $25,147,972 over the last quarter. Corporate insiders own 0.82% of the company’s stock.

Flex Price Performance

Shares of Flex stock traded down $0.18 during midday trading on Friday, reaching $29.04. The company had a trading volume of 2,288,873 shares, compared to its average volume of 3,068,604. The company has a current ratio of 1.52, a quick ratio of 0.79 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $11.58 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 1.94 and a beta of 1.12. The stock has a fifty day simple moving average of $30.96 and a 200 day simple moving average of $28.39. Flex Ltd. has a 1-year low of $21.84 and a 1-year high of $34.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.10 billion. Flex had a net margin of 3.58% and a return on equity of 16.46%. As a group, equities research analysts forecast that Flex Ltd. will post 2.06 earnings per share for the current 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.