Flex Ltd. $FLEX Shares Sold by Eventide Asset Management LLC

Key Points

• Eventide Asset Management cut its Flex stake by 37.5% in the fourth quarter, selling 132,114 shares and leaving it with 220,510 shares worth about $13.4 million.
• Several other institutional investors adjusted positions in Flex, and overall institutional ownership remains very high at 94.3% of shares outstanding.
• Insiders have also been selling: recent transactions by Michael P. Hartung and EVP David Scott Offer were part of a broader 90-day total of 345,012 shares sold by insiders.

Eventide Asset Management LLC reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 37.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,510 shares of the technology company's stock after selling 132,114 shares during the period. Eventide Asset Management LLC owned 0.06% of Flex worth $13,362,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FLEX. Brighton Jones LLC acquired a new position in shares of Flex during the 4th quarter worth approximately $260,000. Goldman Sachs Group Inc. raised its holdings in Flex by 19.8% in 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 acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC acquired a new position in Flex in the 1st quarter valued at $397,000. EverSource Wealth Advisors LLC increased its holdings in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock worth $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock worth $3,099,000 after buying an additional 29,821 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Michael P. Hartung sold 22,216 shares of the firm's stock in a transaction that occurred 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 in the company, valued at approximately $33,132,680.28. This trade represents a 8.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares of the company's stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 345,012 shares of company stock valued at $48,508,103 in the last ninety days. 0.57% of the stock is owned by company insiders.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $149.71 on Monday. The firm's 50 day moving average is $115.87 and its two-hundred day moving average is $82.08. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $54.85 billion, a P/E ratio of 64.25, a PEG ratio of 0.79 and a beta of 1.63. Flex Ltd. has a 52 week low of $42.83 and a 52 week high of $166.86.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Analysts anticipate that Flex Ltd. will post 4.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FLEX shares. The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Finally, Stifel Nicolaus increased their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Flex has an average rating of "Moderate Buy" and a consensus price target of $115.70.

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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