Corient Private Wealth LLC Has $1.30 Million Stock Holdings in Flex Ltd. $FLEX

Key Points

• Corient Private Wealth LLC cut its Flex stake by 27.2% in the fourth quarter, leaving it with 21,559 shares valued at about $1.30 million.
• Wall Street sentiment remains upbeat on Flex, with multiple analysts raising price targets and the stock carrying a Moderate Buy consensus rating and a $115.70 target price.
• Flex shares were trading around $153.53 and the company reported strong recent results, including $0.93 EPS on $7.48 billion in quarterly revenue; however, insiders have also been selling shares recently.

Corient Private Wealth LLC decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 27.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,559 shares of the technology company's stock after selling 8,039 shares during the period. Corient Private Wealth LLC's holdings in Flex were worth $1,303,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. USA Financial Formulas acquired a new position in Flex during the fourth quarter worth $28,000. Parkside Financial Bank & Trust grew its holdings in shares of 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 last quarter. Frazier Financial Advisors LLC acquired a new stake in shares of Flex during the 4th quarter worth about $28,000. Gables Capital Management Inc. acquired a new stake in shares of Flex during the 4th quarter worth about $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Flex by 6,318.2% during the 4th 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 last quarter. 94.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Barclays increased their target price on Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. KeyCorp raised their price objective on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Stifel Nicolaus raised their price target on shares of Flex from $75.00 to $95.00 and gave the company a "buy" rating in a report on Monday, April 20th. Finally, Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $115.70.

Flex Stock Down 5.3%

Shares of NASDAQ FLEX opened at $153.53 on Thursday. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. 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 stock has a market cap of $56.25 billion, a P/E ratio of 65.89, a P/E/G ratio of 0.85 and a beta of 1.64. The firm has a 50 day moving average price of $135.77 and a 200 day moving average price of $90.30.

Flex (NASDAQ:FLEX - Get Free Report) last posted its 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 company had revenue of $7.48 billion for the quarter. Analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 33,000 shares of the firm's 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 sale, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. This trade represents a 30.99% decrease in their position. The sale was disclosed in a 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 Flex stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the transaction, the chief executive officer directly owned 623,466 shares in the company, valued at approximately $89,978,613.12. The trade was a 24.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 in the last three months. Insiders own 0.62% of the company's stock.

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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