Flex Ltd. $FLEX Shares Sold by L2 Asset Management LLC

Key Points

• L2 Asset Management reduced its Flex stake by 6.3% in the fourth quarter, selling 7,936 shares and leaving it with 117,551 shares worth about $7.1 million.
• Flex saw notable insider selling, including CEO Revathi Advaithi and COO Kwang Hooi Tan, who sold shares on May 11 to cover tax withholding obligations tied to equity awards.
• Analyst sentiment has turned more bullish, with multiple firms raising price targets and ratings; Flex now carries a consensus Moderate Buy and a $115.70 average price target.

L2 Asset Management LLC cut its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,551 shares of the technology company's stock after selling 7,936 shares during the quarter. L2 Asset Management LLC's holdings in Flex were worth $7,102,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 25,662,586 shares during the period. Norges Bank purchased a new position in shares of Flex during the fourth quarter valued at approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Flex during the fourth quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC lifted its stake in shares of Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock valued at $10,469,000 after buying an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas lifted its stake in shares of Flex by 62.3% during the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock valued at $20,566,000 after buying an additional 130,641 shares during the period. Hedge funds and other institutional investors own 94.30% of the company's stock.

Insiders Place Their Bets

In other news, CEO Revathi Advaithi sold 114,090 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer owned 689,022 shares of the company's stock, valued at approximately $98,096,062.14. This trade represents a 14.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,175 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the completion of the transaction, the chief operating officer directly owned 256,043 shares in the company, valued at approximately $36,452,841.91. This represents a 9.27% decrease in their position. 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. In the last 90 days, insiders have sold 345,012 shares of company stock worth $48,508,103. 0.57% of the stock is owned by company insiders.

Flex Stock Performance

NASDAQ:FLEX opened at $149.22 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a market cap of $54.67 billion, a P/E ratio of 64.04, a P/E/G ratio of 0.79 and a beta of 1.63. Flex Ltd. has a fifty-two week low of $43.15 and a fifty-two week high of $166.86. The firm's 50 day moving average is $117.49 and its two-hundred day moving average is $82.73.

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

Analyst Ratings Changes

FLEX has been the topic of several recent analyst reports. Zacks Research raised shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. The Goldman Sachs Group upped their price objective on shares of Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 price target on shares of Flex in a research note on Thursday, May 7th. Barclays increased their price target on shares of Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Finally, KeyCorp increased their price target on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Flex presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

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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