Flex Ltd. $FLEX Holdings Boosted by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its Flex stake by 2.4% in the fourth quarter, ending with 7.6 million shares valued at about $459.8 million.
• Flex reported strong quarterly results with $7.48 billion in revenue and $0.93 EPS, while analysts now see the company earning about 4.15 EPS for the full year.
• Wall Street sentiment remains upbeat, with multiple firms raising price targets and the consensus rating sitting at Moderate Buy; meanwhile, insiders recently sold shares, including a notable sale by Michael P. Hartung and director Erin McSweeney.

Geode Capital Management LLC boosted its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 2.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,605,802 shares of the technology company's stock after purchasing an additional 181,266 shares during the period. Geode Capital Management LLC owned 2.06% of Flex worth $459,829,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in shares of Flex during the 4th quarter valued at $28,000. Frazier Financial Advisors LLC purchased a new position in shares of Flex during the 4th quarter valued at $28,000. CENTRAL TRUST Co grew its holdings in shares of Flex by 238.3% during the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock valued at $29,000 after acquiring an additional 355 shares in the last quarter. Gables Capital Management Inc. purchased a new position in shares of Flex during the 4th quarter valued at $42,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Flex during the 3rd quarter valued at $52,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Flex Stock Down 0.1%

FLEX stock opened at $150.65 on Monday. 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 1 year low of $41.43 and a 1 year high of $154.25. The company has a fifty day simple moving average of $98.58 and a 200 day simple moving average of $75.50. The firm has a market cap of $55.19 billion, a PE ratio of 64.66, a PEG ratio of 0.79 and a beta of 1.63.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data 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 during the quarter. Sell-side analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. KeyCorp boosted their price target on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Wall Street Zen cut shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Robert W. Baird set a $165.00 target price on shares of Flex in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group lifted their price objective on shares of Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. One investment 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. According to MarketBeat.com, Flex presently has an average rating of "Moderate Buy" and a consensus price target of $112.80.

Insider Buying and Selling at Flex

In related news, insider Michael P. Hartung sold 22,216 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 232,706 shares of the company's stock, valued at approximately $33,132,680.28. This represents a 8.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Erin Mcsweeney sold 2,000 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $132.51, for a total transaction of $265,020.00. Following the sale, the director directly owned 9,512 shares of the company's stock, valued at approximately $1,260,435.12. This represents a 17.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 329,512 shares of company stock worth $44,459,298 in the last quarter. 0.57% of the stock is owned by corporate insiders.

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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