Flex Ltd. $FLEX Stake Lessened by Moran Wealth Management LLC

Key Points

• Moran Wealth Management LLC cut its Flex stake by 8.8% in the first quarter, selling 15,338 shares and ending with 159,433 shares worth about $10.4 million.
• Institutional ownership remains very high, with 94.30% of Flex shares held by institutional investors and hedge funds. Several large funds, including Vanguard and Norges Bank, made sizable additions to their positions.
• Analysts remain bullish on Flex, with multiple firms raising price targets and the stock carrying a consensus “Moderate Buy” rating. Shares were trading at $136.85, and the company recently reported $0.93 EPS on $7.48 billion in revenue for the quarter.

Moran Wealth Management LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 159,433 shares of the technology company's stock after selling 15,338 shares during the period. Moran Wealth Management LLC's holdings in Flex were worth $10,436,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings 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 worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank acquired a new position in Flex in the 4th quarter valued at approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Flex in the 4th quarter valued at approximately $2,497,000. Sequoia Financial Advisors LLC lifted its position in Flex by 12.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock worth $10,469,000 after buying an additional 19,270 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Flex by 349.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 338,439 shares of the technology company's stock valued at $19,619,000 after buying an additional 263,178 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 7,269 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the transaction, the insider owned 245,930 shares of the company's stock, valued at approximately $35,713,954.60. This represents a 2.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.20, for a total value of $190,357.20. Following the completion of the transaction, the chief accounting officer directly owned 37,932 shares in the company, valued at $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FLEX. KeyCorp upped 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. Zacks Research raised Flex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. The Goldman Sachs Group boosted their target price on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, Barclays raised their price target on Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.70.

Flex Stock Performance

Shares of FLEX opened at $136.85 on Friday. The company's fifty day moving average is $137.84 and its 200-day moving average is $91.11. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The firm has a market cap of $50.14 billion, a price-to-earnings ratio of 58.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

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

Flex 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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