Flex Ltd. $FLEX Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Flex stake by 25.9% in the second quarter, selling 13,186 shares and retaining 37,723 shares valued at approximately $6.1 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 94.3% of Flex’s outstanding stock; several major investors increased their positions.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $114.20. Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share.

NewEdge Advisors LLC reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 25.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,723 shares of the technology company's stock after selling 13,186 shares during the period. NewEdge Advisors LLC's holdings in Flex were worth $6,114,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FLEX. California State Teachers Retirement System increased its stake in Flex by 18,186.9% during the second quarter. California State Teachers Retirement System now owns 90,345,435 shares of the technology company's stock worth $14,642,285,000 after acquiring an additional 89,851,390 shares during the last quarter. Norges Bank acquired a new position in shares of Flex in the 4th quarter valued at about $319,756,000. State Street Corp grew its holdings in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Flex by 694,916.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company's stock worth $159,573,000 after purchasing an additional 2,640,682 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in Flex by 141.8% in the fourth 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 period. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FLEX shares. Robert W. Baird set a $142.00 price target on shares of Flex in a research report on Thursday, July 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. The Goldman Sachs Group reduced their target price on shares of Flex from $177.00 to $154.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Zacks Research cut shares of Flex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Finally, Barclays lowered their price target on Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $114.20.

Insider Buying and Selling

In other news, CAO Daniel Wendler sold 3,890 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.47, for a total transaction of $561,988.30. Following the completion of the transaction, the chief accounting officer directly owned 39,243 shares in the company, valued at approximately $5,669,436.21. This represents a 9.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 22,627 shares of Flex stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider owned 253,199 shares of the company's stock, valued at approximately $36,582,191.52. This trade represents a 8.20% 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 sold a total of 356,776 shares of company stock worth $51,558,846 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Flex Stock Performance

Flex stock opened at $115.78 on Monday. Flex Ltd. has a 12-month low of $53.07 and a 12-month 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 company has a market capitalization of $42.77 billion, a price-to-earnings ratio of 44.70, a price-to-earnings-growth ratio of 0.58 and a beta of 1.67. The firm's fifty day moving average price is $119.07 and its 200 day moving average price is $110.78.

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

About Flex

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply-chain solutions company that helps original equipment manufacturers design, build and manage products. Its services span product design and engineering, prototyping, manufacturing, assembly, testing, logistics, supply-chain management and aftermarket support.

The company supports customers across industries including automotive, communications, consumer, industrial, healthcare and life sciences, and cloud and data-center infrastructure.

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