ABN Amro Investment Solutions Takes $1.34 Million Position in Flex Ltd. $FLEX

Key Points

• ABN Amro Investment Solutions initiated a new position in Flex during the first quarter, buying 20,497 shares worth about $1.34 million.
• Other institutions have also been active in the name, with Vanguard, Norges Bank, and several others significantly increasing or starting stakes. In total, 94.3% of Flex shares are held by hedge funds and other institutional investors.
• Analysts remain broadly positive on Flex after multiple target price hikes, and the stock currently carries a Moderate Buy consensus rating with an average price target of $115.70.

ABN Amro Investment Solutions bought a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 20,497 shares of the technology company's stock, valued at approximately $1,342,000.

Several other large investors have also made changes to their positions in FLEX. Vanguard Group Inc. boosted its position in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after buying an additional 25,662,586 shares during the period. Norges Bank purchased a new stake in shares of Flex in the fourth quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in shares of Flex during the 4th quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC lifted its stake in shares of Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock worth $10,469,000 after acquiring an additional 19,270 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Flex by 62.3% during the 4th quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock valued at $20,566,000 after acquiring an additional 130,641 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Stifel Nicolaus upped their price target on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. The Goldman Sachs Group raised their price target on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Weiss Ratings reissued a "buy (b-)" rating on shares of Flex in a research report on Friday, July 17th. Finally, KeyCorp upped their target price on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Flex presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

Insider Buying and Selling at Flex

In other news, EVP David Scott Offer sold 33,000 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the completion of the transaction, the executive vice president directly owned 73,471 shares of the company's stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 197,879 shares of the company's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares of the company's stock, valued at $89,978,613.12. This trade represents a 24.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is currently owned by corporate insiders.

Flex Stock Performance

Shares of Flex stock opened at $118.51 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock's fifty day moving average price is $141.37 and its 200-day moving average price is $97.96. The firm has a market cap of $43.42 billion, a P/E ratio of 50.86, a P/E/G ratio of 0.67 and a beta of 1.64. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion during the quarter. On average, equities research analysts expect that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.

Flex Company Profile

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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