Flex Ltd. $FLEX Shares Bought by Elevation Point Wealth Partners LLC

Key Points

• Elevation Point Wealth Partners increased its Flex stake by 520.2% in the first quarter, buying 23,953 additional shares and bringing its total to 28,558 shares worth about $1.87 million.
• Institutional ownership remains very high, with 94.3% of Flex shares held by hedge funds and other institutional investors. Several other firms, including Goldman Sachs and First Trust Advisors, also boosted their positions.
• Wall Street sentiment is largely positive: analysts have issued multiple buy ratings, and the stock carries a Moderate Buy consensus with an average price target of $115.70, while Flex recently reported quarterly EPS of $0.93 on revenue of $7.48 billion.

Elevation Point Wealth Partners LLC lifted its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 520.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,558 shares of the technology company's stock after acquiring an additional 23,953 shares during the period. Elevation Point Wealth Partners LLC's holdings in Flex were worth $1,869,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC purchased a new position in Flex during the fourth quarter worth approximately $260,000. Goldman Sachs Group Inc. grew its stake in shares of Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock valued at $42,314,000 after buying an additional 211,046 shares during the period. Empowered Funds LLC purchased a new position in shares of Flex in the 1st quarter worth $397,000. EverSource Wealth Advisors LLC boosted its holdings in Flex by 63.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock valued at $132,000 after acquiring an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Flex by 92.4% during the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock valued at $3,099,000 after acquiring an additional 29,821 shares during the period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Zacks Research raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. KeyCorp raised 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. Barclays lifted their price target on shares of Flex from $174.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, June 4th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Flex presently has an average rating of "Moderate Buy" and an average target price of $115.70.

Flex Stock Performance

NASDAQ FLEX opened at $136.85 on Monday. The stock has a market cap of $50.14 billion, a P/E ratio of 58.73, a PEG ratio of 0.72 and a beta of 1.64. The company's fifty day simple moving average is $137.84 and its 200-day simple moving average is $91.27. 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 52 week low of $47.83 and a 52 week high of $166.86.

Flex (NASDAQ:FLEX - Get Free Report) last released 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 business had revenue of $7.48 billion during the quarter. Equities research analysts predict that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at approximately $5,507,726.40. The trade was a 3.34% 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. In the last 90 days, insiders sold 769,195 shares of company stock valued at $110,116,823. Company 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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