Flex Ltd. $FLEX Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Flex stake by 20.5% in the first quarter, selling 967,010 shares and retaining 3.75 million shares worth approximately $245.5 million. Institutional investors collectively own 94.3% of Flex.
• Analyst sentiment remains positive overall, with Flex holding a “Moderate Buy” consensus rating and an average price target of $114.20, despite mixed actions including a Zacks downgrade to “Hold” and Barclays lowering its target to $144.
• Flex reported quarterly revenue of $7.93 billion and EPS of $1.00. The stock opened at $117.45, while insiders sold shares largely to cover tax obligations related to vested equity awards.

Bank of America Corp DE cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 20.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,750,566 shares of the technology company's stock after selling 967,010 shares during the quarter. Bank of America Corp DE owned about 1.02% of Flex worth $245,512,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Intrinsic Edge Capital Management LLC purchased a new position in Flex during the 1st quarter valued at about $5,891,000. Amundi lifted its position in shares of Flex by 15.5% during the first quarter. Amundi now owns 1,494,418 shares of the technology company's stock worth $97,825,000 after purchasing an additional 200,553 shares in the last quarter. Talon Private Wealth LLC purchased a new position in shares of Flex in the first quarter valued at approximately $639,000. Rithm Capital Corp. acquired a new position in shares of Flex in the first quarter valued at approximately $1,407,000. Finally, Empowered Funds LLC increased its stake in Flex by 5.8% during the 1st quarter. Empowered Funds LLC now owns 152,076 shares of the technology company's stock worth $9,955,000 after buying an additional 8,310 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Robert W. Baird set a $142.00 target price on Flex in a report on Thursday. Zacks Research cut Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flex in a research report on Friday, July 17th. Finally, Barclays decreased their price objective on Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $114.20.

Flex Stock Up 3.3%

Flex stock opened at $117.45 on Tuesday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89. The stock has a market cap of $43.03 billion, a PE ratio of 45.35, a P/E/G ratio of 0.59 and a beta of 1.68. The stock's fifty day moving average is $139.21 and its two-hundred day moving average is $100.36.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. On average, sell-side analysts expect that Flex Ltd. will post 4.18 EPS for the current fiscal year.

Insider Activity at Flex

In other news, EVP David Scott Offer sold 6,657 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the sale, the executive vice president owned 91,122 shares in the company, valued at approximately $13,233,648.06. The trade was a 6.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the transaction, the chief accounting officer owned 37,932 shares of the company's stock, valued at approximately $5,507,726.40. The trade was a 3.34% decrease in their position. 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. Insiders have sold 769,195 shares of company stock valued at $110,116,823 in the last quarter. Company insiders own 0.62% of the company's stock.

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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