Atria Investments Inc Sells 15,988 Shares of Flex Ltd. $FLEX

Key Points

• Atria Investments cut its Flex stake by 21.3% in the fourth quarter, selling 15,988 shares and leaving it with 58,954 shares worth about $3.56 million.
• Flex insiders were active sellers: EVP David Scott Offer and CEO Revathi Advaithi sold shares on May 11, with total insider sales over the last 90 days reaching 226,512 shares worth about $30.7 million.
• Analysts remain generally bullish on Flex, with several firms raising price targets sharply; the consensus rating is “Moderate Buy” and the average target price is $112.80, while the stock recently traded near $137.86.

Atria Investments Inc trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 21.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,954 shares of the technology company's stock after selling 15,988 shares during the period. Atria Investments Inc's holdings in Flex were worth $3,562,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FLEX. Brighton Jones LLC bought a new stake in Flex in the fourth quarter worth approximately $260,000. Goldman Sachs Group Inc. grew its position in Flex by 19.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock worth $42,314,000 after acquiring an additional 211,046 shares in the last quarter. Empowered Funds LLC bought a new stake in Flex in the first quarter worth approximately $397,000. EverSource Wealth Advisors LLC grew its position in Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock worth $132,000 after acquiring an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock worth $3,099,000 after acquiring an additional 29,821 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 22,212 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.40, for a total transaction of $3,162,988.80. Following the sale, the executive vice president owned 74,926 shares of the company's stock, valued at $10,669,462.40. This represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 114,090 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the sale, the chief executive officer directly owned 689,022 shares in the company, valued at approximately $98,096,062.14. This represents a 14.21% decrease in their position. 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. Insiders have sold a total of 226,512 shares of company stock worth $30,720,858 over the last ninety days. Company insiders own 0.57% of the company's stock.

Flex Stock Performance

Shares of FLEX stock opened at $137.86 on Monday. Flex Ltd. has a 52-week low of $40.15 and a 52-week high of $147.34. The stock has a market cap of $50.69 billion, a price-to-earnings ratio of 59.17, a P/E/G ratio of 0.73 and a beta of 1.46. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a fifty day moving average of $83.80 and a 200-day moving average of $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. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, equities research analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on FLEX. Raymond James Financial set a $80.00 price objective on shares of Flex and gave the stock an "outperform" rating in a report on Wednesday, February 4th. The Goldman Sachs Group upped their price objective on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Finally, Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report 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 company. According to data from MarketBeat.com, Flex has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

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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