12,357 Shares in Flex Ltd. $FLEX Bought by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC bought a new Flex stake of 12,357 shares during the third quarter, valued at approximately $1.36 million. Institutional investors collectively own 94.30% of Flex’s outstanding stock.
• Flex reported quarterly earnings of $1.00 per share on $7.93 billion in revenue, while analysts forecast full-year earnings of $4.27 per share. The stock opened at $90.46, well below its 52-week high of $166.86.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $119.67, though several firms recently downgraded the stock or reduced their targets. An insider also sold 2,755 shares to cover tax withholding obligations.

SteelPeak Wealth LLC purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 12,357 shares of the technology company's stock, valued at approximately $1,359,000.

Several other institutional investors have also modified their holdings of FLEX. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Flex by 14.5% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the technology company's stock worth $86,000 after acquiring an additional 99 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Flex by 7.4% during the second quarter. TD Waterhouse Canada Inc. now owns 1,449 shares of the technology company's stock worth $223,000 after purchasing an additional 100 shares during the period. JSF Financial LLC lifted its holdings in shares of Flex by 0.6% during the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company's stock valued at $1,342,000 after purchasing an additional 115 shares in the last quarter. WealthPlan Investment Management LLC lifted its holdings in shares of Flex by 5.3% during the 3rd quarter. WealthPlan Investment Management LLC now owns 2,312 shares of the technology company's stock valued at $254,000 after purchasing an additional 116 shares in the last quarter. Finally, Glenview Trust Co lifted its holdings in shares of Flex by 3.4% during the 1st quarter. Glenview Trust Co now owns 3,775 shares of the technology company's stock valued at $247,000 after purchasing an additional 125 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Flex Stock Performance

Shares of Flex stock opened at $90.46 on Monday. The firm has a market cap of $33.42 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 0.46 and a beta of 1.67. The stock's 50-day moving average is $112.75 and its 200-day moving average is $119.11. Flex Ltd. has a one year low of $53.07 and a one year high of $166.86. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Equities analysts predict that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FLEX. The Goldman Sachs Group lowered their target price on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Flex from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Weiss Ratings cut shares of Flex from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 17th. Finally, Zacks Research downgraded shares of Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $119.67.

Insider Buying and Selling

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. The trade was a 1.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company's stock.

About Flex

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

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