Flex Ltd. $FLEX Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management sharply reduced its Flex stake by 84.4% in the first quarter, selling 46,739 shares and leaving it with 8,609 shares valued at about $564,000.
• Flex insiders have also been selling shares, including CEO Revathi Advaithi and CAO Daniel Wendler, with insiders selling 769,195 shares worth about $110.1 million over the past three months.
• Wall Street remains constructive on Flex, with several analysts raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target price of $115.70.

Assenagon Asset Management S.A. lessened its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 84.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,609 shares of the technology company's stock after selling 46,739 shares during the period. Assenagon Asset Management S.A.'s holdings in Flex were worth $564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Cidel Asset Management Inc. acquired a new stake in Flex during the 1st quarter worth $201,000. Hanson & Doremus Investment Management purchased a new position in shares of Flex during the 1st quarter worth approximately $227,000. Brookstone Capital Management grew its holdings in Flex by 4.0% during the first quarter. Brookstone Capital Management now owns 11,753 shares of the technology company's stock worth $769,000 after acquiring an additional 447 shares during the period. SG Americas Securities LLC lifted its holdings in Flex by 167.1% in the first quarter. SG Americas Securities LLC now owns 532,373 shares of the technology company's stock valued at $34,849,000 after acquiring an additional 333,071 shares during the period. Finally, Evolve Private Wealth LLC boosted its position in shares of Flex by 1.7% during the 1st quarter. Evolve Private Wealth LLC now owns 42,130 shares of the technology company's stock worth $2,758,000 after purchasing an additional 713 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Flex

In other news, CEO Revathi Advaithi sold 39,188 shares of the company's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares in the company, valued at $84,825,480.04. This represents a 6.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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. Also, CAO Daniel Wendler sold 1,311 shares of the stock in a transaction on Thursday, June 18th. The stock was 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 $5,507,726.40. This trade represents a 3.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on FLEX shares. Barclays raised their price objective on shares of Flex from $174.00 to $203.00 and gave the company an "overweight" rating in a research note on Thursday, June 4th. Stifel Nicolaus increased their target price on shares of Flex from $75.00 to $95.00 and gave the company a "buy" rating in a report on Monday, April 20th. The Goldman Sachs Group boosted their price target on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price target on Flex in a report on Thursday, May 7th. Finally, Zacks Research raised Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. One 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.70.

Flex Stock Performance

NASDAQ FLEX opened at $136.85 on Friday. The business's 50-day moving average price is $136.81 and its 200 day moving average price is $90.78. 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 twelve month low of $47.83 and a twelve month high of $166.86. The company has a market capitalization of $50.14 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 0.81 and a beta of 1.64.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data 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 for the quarter. On average, research analysts predict that Flex Ltd. will post 4.15 earnings per share for the current year.

About Flex

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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