Amundi Acquires 200,553 Shares of Flex Ltd. $FLEX

Key Points

• Amundi increased its Flex stake by 15.5% in the first quarter, purchasing 200,553 additional shares for a total of 1.49 million shares valued at approximately $97.8 million. Institutional investors own 94.3% of Flex.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $114.20, though individual targets ranged widely from $95 to $180.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Meanwhile, insiders sold 769,195 shares worth roughly $110.1 million over the past 90 days, primarily to cover tax obligations tied to equity awards.

Amundi raised its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 15.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,494,418 shares of the technology company's stock after buying an additional 200,553 shares during the period. Amundi owned about 0.41% of Flex worth $97,825,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FLEX. Frazier Financial Advisors LLC bought a new position in shares of Flex during the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust increased its stake in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after purchasing an additional 166 shares during the period. Gables Capital Management Inc. bought a new stake in Flex in the fourth quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company's stock valued at $43,000 after purchasing an additional 695 shares during the period. Finally, CENTRAL TRUST Co grew its holdings in shares of Flex by 58.1% in the fourth quarter. CENTRAL TRUST Co now owns 797 shares of the technology company's stock worth $48,000 after purchasing an additional 293 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. KeyCorp upped their price target on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Stifel Nicolaus raised 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 lowered their price objective on shares of Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research note on Thursday. Freedom Capital upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Finally, Zacks Research cut Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Flex currently has a consensus rating of "Moderate Buy" and an average price target of $114.20.

Flex Stock Up 1.6%

Shares of Flex stock opened at $113.75 on Friday. The company has a current ratio of 1.38, a quick ratio of 0.87 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The company has a market cap of $41.68 billion, a P/E ratio of 43.92, a PEG ratio of 0.59 and a beta of 1.64. The company's fifty day simple moving average is $139.51 and its two-hundred day simple moving average is $99.72.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The firm had revenue of $7.93 billion for the quarter. Research analysts anticipate that Flex Ltd. will post 4.18 EPS for the current year.

Insider Buying and Selling at Flex

In related news, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the company's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total value of $1,055,604.18. Following the completion of the sale, the insider directly owned 245,930 shares in the company, valued at approximately $35,713,954.60. The trade was a 2.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 769,195 shares of company stock worth $110,116,823. Insiders own 0.62% of the company's stock.

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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