Covestor Ltd Lowers Stock Holdings in Flex Ltd. $FLEX

Key Points

• Covestor Ltd sharply reduced its Flex stake in the fourth quarter, cutting holdings by 89.6% and ending with 1,550 shares worth about $94,000.
• Several other hedge funds also changed positions in Flex, while institutional investors still own a dominant 94.30% of the company’s shares.
• Analyst sentiment remains positive: Flex has a Moderate Buy consensus rating with a consensus price target of $112.80, though some firms recently raised targets as high as $174.

Covestor Ltd trimmed its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 89.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,550 shares of the technology company's stock after selling 13,338 shares during the period. Covestor Ltd's holdings in Flex were worth $94,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. USA Financial Formulas purchased a new stake in shares of Flex in the 4th quarter worth approximately $28,000. CENTRAL TRUST Co lifted its position in shares of Flex by 238.3% in the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock worth $29,000 after purchasing an additional 355 shares during the period. Gables Capital Management Inc. purchased a new stake in shares of Flex in the 4th quarter worth approximately $42,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flex in the 3rd quarter worth approximately $52,000. Finally, Root Financial Partners LLC purchased a new stake in shares of Flex in the 3rd quarter worth approximately $57,000. Hedge funds and other institutional investors own 94.30% of the company's stock.

Analysts Set New Price Targets

FLEX has been the subject of several research reports. JPMorgan Chase & Co. upped their price target on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Wall Street Zen cut shares of Flex from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Raymond James Financial set a $80.00 price target on shares of Flex and gave the stock an "outperform" rating in a research report on Wednesday, February 4th. Stifel Nicolaus boosted their price objective 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. Finally, Barclays boosted their price objective on shares of Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $112.80.

Insider Buying and Selling at Flex

In other Flex news, COO Kwang Hooi Tan sold 26,175 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the transaction, the chief operating officer owned 256,043 shares in the company, valued at approximately $36,452,841.91. This represents a 9.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles K. Stevens III sold 15,000 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the transaction, the director owned 45,426 shares in the company, valued at $6,275,147.64. The trade was a 24.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 226,512 shares of company stock worth $30,720,858 in the last three months. 0.57% of the stock is owned by company insiders.

Flex Trading Up 1.1%

Shares of Flex stock opened at $132.47 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. Flex Ltd. has a 12-month low of $40.15 and a 12-month high of $147.34. The firm has a market capitalization of $48.53 billion, a price-to-earnings ratio of 56.85, a PEG ratio of 0.70 and a beta of 1.46. The firm's 50 day simple moving average is $90.64 and its two-hundred day simple moving average is $72.62.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business had revenue of $7.48 billion for the quarter. Analysts predict that Flex Ltd. will post 4.15 EPS for the current year.

Flex 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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