Flex Ltd. $FLEX Shares Sold by VestGen Advisors LLC

Key Points

• VestGen Advisors cut its Flex stake by 77.1% in the third quarter, selling 29,482 shares and retaining 8,768 shares valued at approximately $964,000. Institutional investors and hedge funds collectively own 94.3% of Flex.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and a $131.78 target price, although Barclays, Bank of America and JPMorgan recently lowered their price targets.
• Flex exceeded quarterly expectations, reporting adjusted EPS of $1.18 versus the $1.06 estimate and revenue of $8.49 billion, up 24.8% year over year. Shares opened at $86.48, well below their 52-week high of $166.86.

VestGen Advisors LLC trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 77.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,768 shares of the technology company's stock after selling 29,482 shares during the quarter. VestGen Advisors LLC's holdings in Flex were worth $964,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Victory Financial Group LLC boosted its holdings in Flex by 7.7% in the 3rd quarter. Victory Financial Group LLC now owns 2,629 shares of the technology company's stock valued at $289,000 after purchasing an additional 189 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Flex by 1.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 158,236 shares of the technology company's stock worth $17,404,000 after buying an additional 2,388 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Flex by 59.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,404 shares of the technology company's stock worth $374,000 after buying an additional 1,265 shares during the last quarter. Deltec Asset Management LLC raised its position in shares of Flex by 40.3% during the 3rd quarter. Deltec Asset Management LLC now owns 139,284 shares of the technology company's stock valued at $15,320,000 after buying an additional 40,003 shares during the period. Finally, Signaturefd LLC raised its position in shares of Flex by 1.8% during the 3rd quarter. Signaturefd LLC now owns 11,334 shares of the technology company's stock valued at $1,247,000 after buying an additional 197 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 2,755 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the sale, the insider directly owned 243,175 shares of the company's stock, valued at approximately $29,336,632. The trade was a 1.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on FLEX shares. Barclays lowered their price objective on Flex from $144.00 to $128.00 and set an "overweight" rating for the company in a research report on Thursday. Bank of America reduced their target price on Flex from $180.00 to $150.00 and set a "buy" rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. decreased 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. Zacks Research cut Flex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Finally, Raymond James Financial set a $170.00 price objective on Flex and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $131.78.

Flex Price Performance

Shares of NASDAQ FLEX opened at $86.48 on Friday. The stock's 50-day moving average is $105.70 and its two-hundred day moving average is $102.84. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.34 and a quick ratio of 0.89. Flex Ltd. has a 1-year low of $53.07 and a 1-year high of $166.86. The company has a market cap of $31.95 billion, a price-to-earnings ratio of 31.22, a price-to-earnings-growth ratio of 0.44 and a beta of 1.67.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly 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 company 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 previous year, the business posted $0.79 EPS. 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 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.

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