Flex Ltd. $FLEX Shares Sold by Sage Rhino Capital LLC

Key Points

• Sage Rhino Capital LLC cut its Flex holdings by 87.4% in the third quarter, selling 15,108 shares and retaining 2,177 shares valued at approximately $239,000. Institutional investors and hedge funds collectively own 94.3% of Flex.
• Analysts remain broadly positive, with Flex receiving a consensus “Moderate Buy” rating and an average price target of $131.78, although several firms recently lowered their targets.
• Flex reported stronger-than-expected quarterly results, posting adjusted EPS of $1.18 versus the $1.06 consensus and revenue of $8.49 billion, up 24.8% year over year.

Sage Rhino Capital LLC lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 87.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,177 shares of the technology company's stock after selling 15,108 shares during the period. Sage Rhino Capital LLC's holdings in Flex were worth $239,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Burkett Financial Services LLC acquired a new stake in Flex during the 3rd quarter worth approximately $25,000. Reyes Financial Architecture Inc. bought a new position in Flex in the third quarter valued at approximately $28,000. Rosenberg Matthew Hamilton acquired a new position in shares of Flex in the third quarter valued at approximately $29,000. Security National Bank of SO Dak acquired a new position in shares of Flex in the second quarter valued at approximately $89,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of Flex by 14.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the technology company's stock worth $86,000 after acquiring an additional 99 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 2,755 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider directly owned 243,175 shares in the company, valued at $29,336,632. This represents a 1.12% decrease in their position. The transaction 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. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FLEX shares. Bank of America dropped their price objective on shares of Flex from $180.00 to $150.00 and set a "buy" rating on the stock in a report on Tuesday. Barclays reduced their target price on shares of Flex from $144.00 to $128.00 and set an "overweight" rating for the company in a research note on Thursday. Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. dropped their price target on Flex from $175.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Finally, The Goldman Sachs Group cut their price target on Flex from $154.00 to $145.00 in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $131.78.

Flex Price Performance

NASDAQ FLEX opened at $86.48 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. Flex Ltd. has a 12-month low of $53.07 and a 12-month high of $166.86. The company has a market capitalization of $31.95 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The firm's 50 day moving average is $105.70 and its 200-day moving average is $102.84.

Flex (NASDAQ:FLEX - Get Free Report) last announced its earnings results on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.06 by $0.12. The business had revenue of $8.49 billion during the quarter, compared to analysts' expectations of $8.17 billion. Flex had a net margin of 3.35% and a return on equity of 24.93%. The firm's revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 earnings per share. Equities research analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

About Flex

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.