Kingdon Capital Management L.L.C., a prominent investment management firm, recently disclosed its acquisition of a new position in Flex Ltd. (NASDAQ:FLEX) during the first quarter as per their latest Form 13F filing with the Securities and Exchange Commission. The firm procured approximately 665,000 shares of the renowned technology company’s stock, valued at around $15,302,000. This acquisition has resulted in Flex accounting for roughly 2.9% of Kingdon Capital Management L.L.C.’s portfolio, making it the eighth largest holding in their investment holdings.
The most recent filing with the Securities and Exchange Commission indicates that Kingdon Capital Management L.L.C. owns approximately 0.15% of Flex as of now. This move signifies Kingdon’s confidence in Flex’s potential for growth and strong performance in the market.
Flex, a technology company known for its innovative products and services, recently shared its earnings results for the quarter ended July 26th. The company reported an impressive earnings per share (EPS) of $0.50, surpassing analysts’ consensus estimate by $0.09.
Furthermore, Flex recorded a net margin of 2.60%, indicating efficient cost management and profitability. The return on equity stood at 17.98%, demonstrating solid utilization of shareholder investments. The company also performed well concerning revenue generation during this quarter as it achieved $7.34 billion compared to analyst expectations of $7.24 billion.
Sell-side analysts are optimistic about Flex’s growth potential for the current fiscal year and anticipate that it will achieve earnings per share of 2.13 within this period.
Overall, Kingdon Capital Management L.L.C.’s recent purchase underscores investor confidence in Flex Ltd.’s ability to deliver strong financial performance going forward based on its robust earnings results and consistent market presence. Investors will be keeping a close eye on the technology sector to gauge any potential developments or changes that may impact Flex’s future performance.
Flex Ltd. Sees Increased Hedge Fund Ownership and Positive Analyst Reports as Potential for Growth Emerges
Flex Ltd., a technology company, has seen recent changes in its ownership by several hedge funds. Notably, JPMorgan Chase & Co. has increased its stake in Flex by 10.1% during the first quarter of this year. The bank now owns 363,665 shares valued at $6,745,000 after purchasing an additional 33,349 shares. Similarly, Bank of New York Mellon Corp has also grown its position in Flex by 8.2% during the same period, owning 590,073 shares worth $10,946,000 after buying an additional 44,642 shares. Additionally, American Century Companies Inc. and HighTower Advisors LLC have also increased their stakes in Flex.
These recent developments have attracted the attention of equities analysts who have issued reports on the company’s performance and prospects. Credit Suisse Group has reiterated an “outperform” rating for Flex with a price target of $34.00 per share. Bank of America has lifted its price target from $28 to $31 per share. Furthermore, Barclays has initiated coverage on Flex with an “overweight” rating and a price target of $35 per share.
In related news about Flex, CEO Revathi Advaithi recently sold 42,594 shares of the company’s stock at an average price of $26.59 per share for a total value of $1,132,574.46. Following the sale, Advaithi still retains control of 1,676,768 shares worth approximately $44,585,261.12.
With regards to insider trading activity within Flex Ltd., another key figure named Kwang Hooi Tan sold 5,020 shares on June 21st at an average price of $26.97 per share amounting to a total transaction value of $135389.40.Tan currently holds around144208sharesvaluedat$3889289.76.The overall insider stock sales of Flex has amounted to an estimated total of $ 10,210,783.
Flex Ltd. currently trades at a price of $26.24 per share and has a market capitalization of $11.64 billion.Clonsequently,Flex’s stock value has fluctuated between a 12-month low of $16.11 and a 12-month high of $28.90.The company also maintains a healthy financial position with a debt-to-equity ratio of0.6,quick ratioof0.75,andcurrentratioof1.46.Its moving averages for the past 50and200daysaresimpler moving averageof$27.20and$24.61,respectively.Flex Ltd.also exhibits astablevaluation metricswitha P/E(ratio)of15.26andP/E/G(ratio)of1.09.Finally,the companys stocks’betarecordedas1.45.
In conclusion, Flex Ltd.has witnessed increasing interest from major hedge funds and experienced positive ratings from analysts in recent times.Aided by various acquisitions made by institutional investors, the company is poised to thrive in its technology segment as it continues to grow and explore new opportunitieswithin the industry.