Cibc World Market Inc. Grows Stake in Flex Ltd. $FLEX

Key Points

• Cibc World Market Inc. increased its Flex stake by 164.1% in the fourth quarter, ending with 59,634 shares valued at about $3.6 million.
• Flex reported solid recent operating results, posting $0.93 EPS on $7.48 billion in quarterly revenue, while analysts expect $4.15 EPS for the current fiscal year.
• Sentiment around the stock remains mixed but broadly positive: several analysts raised price targets, though insiders have also sold shares recently, including a $5.1 million sale by EVP David Scott Offer.

Cibc World Market Inc. grew its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 164.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,634 shares of the technology company's stock after purchasing an additional 37,056 shares during the period. Cibc World Market Inc.'s holdings in Flex were worth $3,603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in Flex by 5.3% in the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company's stock worth $208,000 after acquiring an additional 181 shares in the last quarter. Parcion Private Wealth LLC raised its stake in shares of Flex by 1.5% during the fourth quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company's stock valued at $855,000 after acquiring an additional 216 shares during the last quarter. US Bancorp DE raised its stake in Flex by 1.2% in the third quarter. US Bancorp DE now owns 19,729 shares of the technology company's stock worth $1,144,000 after buying an additional 225 shares in the last quarter. Tower Wealth Partners Inc. raised its stake in Flex by 3.7% in the third quarter. Tower Wealth Partners Inc. now owns 6,980 shares of the technology company's stock worth $405,000 after buying an additional 249 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its stake in Flex by 3.3% in the second quarter. Benjamin Edwards Inc. now owns 8,063 shares of the technology company's stock worth $403,000 after buying an additional 257 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX opened at $150.83 on Tuesday. The company has a 50 day moving average price of $109.29 and a 200-day moving average price of $79.53. Flex Ltd. has a fifty-two week low of $42.83 and a fifty-two week high of $166.86. The stock has a market capitalization of $55.26 billion, a PE ratio of 64.73, a PEG ratio of 0.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $7.48 billion during the quarter. Equities analysts predict that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 33,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares of the company's stock, valued at $11,307,921.61. This represents a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael P. Hartung sold 22,216 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.38, for a total transaction of $3,163,114.08. Following the sale, the insider directly owned 232,706 shares of the company's stock, valued at $33,132,680.28. The trade was a 8.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 345,012 shares of company stock valued at $48,508,103 over the last three months. Company insiders own 0.57% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FLEX. JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Stifel Nicolaus lifted their price target on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. KeyCorp lifted their target price on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $115.70.

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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