Flex Ltd. $FLEX Shares Sold by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB reduced its Flex stake by 17.7% in the second quarter, selling 15,500 shares and retaining 72,200 shares valued at approximately $11.7 million. Institutional investors collectively own 94.3% of the company.
• Flex insiders sold 560,183 shares worth about $80.4 million last quarter, including sales by an insider and the COO that were made to cover tax withholding on vested equity awards.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Analysts maintain a “Moderate Buy” consensus rating, though the average price target is $114.20 compared with the stock’s reported $124.30 opening price.

Handelsbanken Fonder AB trimmed its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 17.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,200 shares of the technology company's stock after selling 15,500 shares during the quarter. Handelsbanken Fonder AB's holdings in Flex were worth $11,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. State Street Corp lifted its position in shares of Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company's stock worth $849,235,000 after buying an additional 2,126,440 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Flex by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company's stock valued at $459,829,000 after buying an additional 181,266 shares during the period. Norges Bank bought a new stake in shares of Flex during the 4th quarter valued at about $319,756,000. Finally, Polar Capital Holdings Plc grew its position in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company's stock valued at $223,140,000 after buying an additional 2,165,780 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 7,269 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total value of $1,055,604.18. Following the completion of the transaction, the insider directly owned 245,930 shares in the company, valued at $35,713,954.60. This trade represents a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer owned 248,546 shares in the company, valued at $36,086,393.74. This represents a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 560,183 shares of company stock worth $80,426,190. Company insiders own 0.62% of the company's stock.

Flex Price Performance

Shares of FLEX opened at $124.30 on Friday. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The stock's fifty day moving average is $134.61 and its 200-day moving average is $103.63. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The firm has a market capitalization of $45.92 billion, a price-to-earnings ratio of 47.99, a price-to-earnings-growth ratio of 0.63 and a beta of 1.67.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. The business had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. Equities analysts anticipate that Flex Ltd. will post 4.27 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLEX. Raymond James Financial set a $170.00 target price on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. Zacks Research lowered Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Barclays dropped their target price on Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. The Goldman Sachs Group cut their target price on Flex from $177.00 to $154.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. upped 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. 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $114.20.

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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