Flex Ltd. $FLEX Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group cut its Flex stake by 4.6% in the fourth quarter, selling 38,454 shares and leaving it with 795,228 shares valued at about $48.0 million.
• Flex reported stronger-than-expected quarterly results, posting $0.93 EPS on $7.48 billion in revenue versus analyst estimates of $0.87 EPS and $6.96 billion in revenue. Revenue rose 17.2% year over year.
• Analysts remain broadly positive on Flex, with nine Buy ratings and three Hold ratings and a consensus target price of $112.80, while several firms recently raised their price targets significantly.

Principal Financial Group Inc. trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 4.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 795,228 shares of the technology company's stock after selling 38,454 shares during the period. Principal Financial Group Inc. owned about 0.22% of Flex worth $48,048,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in FLEX. Brighton Jones LLC acquired a new position in shares of Flex in the 4th quarter valued at approximately $260,000. Goldman Sachs Group Inc. raised its position in shares of Flex by 19.8% during 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 in the last quarter. Empowered Funds LLC acquired a new stake in shares of Flex during the 1st quarter valued at approximately $397,000. EverSource Wealth Advisors LLC raised its position 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 valued at $132,000 after acquiring an additional 1,031 shares in the last quarter. Finally, First Trust Advisors LP raised its position 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 valued at $3,099,000 after acquiring an additional 29,821 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Charles K. Stevens III sold 15,000 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $138.14, for a total transaction of $2,072,100.00. Following the completion of the transaction, the director directly owned 45,426 shares in the company, valued at $6,275,147.64. This represents a 24.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kwang Hooi Tan sold 17,500 shares of the company's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $58.87, for a total value of $1,030,225.00. Following the transaction, the chief operating officer owned 233,636 shares of the company's stock, valued at approximately $13,754,151.32. The trade was a 6.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FLEX. Raymond James Financial set a $80.00 price target on Flex and gave the company an "outperform" rating in a research report on Wednesday, February 4th. KeyCorp upped their price target on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday. Stifel Nicolaus upped their price target on Flex from $75.00 to $95.00 and gave the company a "buy" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. upped their price target on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Finally, Barclays upped their price target on Flex from $72.00 to $174.00 and gave the company an "overweight" rating in a research report on Thursday. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

Flex Price Performance

Shares of FLEX opened at $142.17 on Friday. The company has a market cap of $52.27 billion, a P/E ratio of 61.02, a PEG ratio of 2.86 and a beta of 1.46. The stock has a fifty day moving average price of $74.45 and a 200 day moving average price of $67.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.88. Flex Ltd. has a 12 month low of $38.30 and a 12 month high of $142.59.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.06. The firm had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $6.96 billion. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm's revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 EPS. Flex has set its FY 2027 guidance at 4.210-4.510 EPS and its Q1 2027 guidance at 0.860-0.920 EPS. On average, research analysts forecast that Flex Ltd. will post 3.31 earnings per share for the current year.

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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