Abacus Wealth Partners LLC Buys New Position in Flex Ltd. $FLEX

Key Points

• Abacus Wealth Partners initiated a new stake in Flex Ltd. during the fourth quarter, buying 13,584 shares valued at about $821,000.
• Flex has seen heavy institutional interest, with hedge funds and other investors adding positions and institutional ownership now at 94.30% of the stock.
• Analysts remain constructive on Flex, with several recent price-target hikes and a consensus rating of “Moderate Buy”; meanwhile, two executives recently sold shares, largely to cover tax withholding tied to equity awards.

Abacus Wealth Partners LLC purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 13,584 shares of the technology company's stock, valued at approximately $821,000.

A number of other hedge funds have also recently modified their holdings of FLEX. USA Financial Formulas purchased a new stake in Flex in the 4th quarter worth $28,000. CENTRAL TRUST Co lifted its position in shares of Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock valued at $29,000 after acquiring an additional 355 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Flex in the third quarter worth about $52,000. Root Financial Partners LLC purchased a new stake in shares of Flex during the third quarter worth about $57,000. Finally, CI Investments Inc. grew its position in shares of Flex by 60.4% during the third quarter. CI Investments Inc. now owns 1,022 shares of the technology company's stock worth $59,000 after purchasing an additional 385 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. KeyCorp increased their price objective on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Raymond James Financial set a $80.00 target price on shares of Flex and gave the stock an "outperform" rating in a report on Wednesday, February 4th. Barclays upped their target price on shares of Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Finally, Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 22,212 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80. Following the completion of the sale, the executive vice president directly owned 74,926 shares of the company's stock, valued at $10,669,462.40. The trade was a 22.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,175 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the transaction, the chief operating officer directly owned 256,043 shares in the company, valued at approximately $36,452,841.91. This trade represents a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 226,512 shares of company stock valued at $30,720,858. 0.57% of the stock is owned by company insiders.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $137.86 on Monday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 12 month low of $40.15 and a 12 month high of $147.34. The company has a market capitalization of $50.69 billion, a price-to-earnings ratio of 59.17, a PEG ratio of 0.73 and a beta of 1.46. The firm's 50-day moving average is $83.80 and its 200 day moving average is $70.36.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business had revenue of $7.48 billion during the quarter. Research analysts predict that Flex Ltd. will post 4.15 EPS for the current year.

About Flex

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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