Engineers Gate Manager LP Decreases Holdings in Flex Ltd. $FLEX

Key Points

• Engineers Gate Manager LP cut its Flex stake by 26.6% in the second quarter, selling 9,232 shares and retaining 25,438 shares valued at approximately $4.1 million.
• Institutional ownership remains high at 94.3%, with several major investors—including State Street, Geode Capital, Norges Bank and Polar Capital—expanding their positions.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Analysts maintain a consensus “Moderate Buy” rating, although recent price-target reductions put the consensus target at $114.20.

Engineers Gate Manager LP decreased its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 26.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,438 shares of the technology company's stock after selling 9,232 shares during the quarter. Engineers Gate Manager LP's holdings in Flex were worth $4,123,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. California State Teachers Retirement System increased its holdings in Flex by 18,186.9% during the second quarter. California State Teachers Retirement System now owns 90,345,435 shares of the technology company's stock valued at $14,642,285,000 after buying an additional 89,851,390 shares during the last quarter. State Street Corp grew its position in shares of Flex by 17.8% during the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company's stock valued at $849,235,000 after acquiring an additional 2,126,440 shares during the period. Geode Capital Management LLC lifted its position in Flex by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company's stock valued at $459,829,000 after purchasing an additional 181,266 shares in the last quarter. Norges Bank purchased a new stake in Flex in the fourth quarter worth about $319,756,000. Finally, Polar Capital Holdings Plc increased its position in Flex by 141.8% in the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock worth $223,140,000 after buying an additional 2,165,780 shares in the last quarter. Institutional investors own 94.30% of the company's stock.

Insider Buying and Selling at Flex

In other Flex news, EVP David Offer sold 6,657 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the sale, the executive vice president owned 91,122 shares of the company's stock, valued at $13,233,648.06. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael Hartung sold 2,755 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. The trade was a 1.12% 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. Over the last 90 days, insiders sold 426,938 shares of company stock valued at $61,941,083. Corporate insiders own 0.62% of the company's stock.

Flex Stock Performance

NASDAQ:FLEX opened at $115.78 on Friday. The company has a market cap of $42.77 billion, a price-to-earnings ratio of 44.70, a PEG ratio of 0.58 and a beta of 1.67. Flex Ltd. has a 1 year low of $53.07 and a 1 year high of $166.86. The stock's 50 day simple moving average is $119.07 and its two-hundred day simple moving average is $110.45. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly 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 company had revenue of $7.93 billion for the quarter. As a group, equities analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FLEX. Weiss Ratings reissued a "buy (b-)" rating on shares of Flex in a report on Friday, July 17th. Barclays decreased their price objective on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Wall Street Zen cut Flex from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group dropped their price objective on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Finally, Zacks Research downgraded 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.20.

About Flex

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.

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