Flex Ltd. $FLEX Stock Holdings Trimmed by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners cut its Flex stake by 34.9% in the fourth quarter, selling 16,053 shares and ending with 29,879 shares valued at about $1.8 million.
• Wall Street sentiment on Flex remains positive, with several firms raising price targets sharply; the stock now has a Moderate Buy consensus and a $112.80 average target price.
• Flex insiders also sold shares recently, including CEO Revathi Advaithi and EVP David Scott Offer, though the sales were said to be tied to tax withholding on vested equity awards.

Convergence Investment Partners LLC reduced its stake in Flex Ltd. (NASDAQ:FLEX - Free Report) by 34.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,879 shares of the technology company's stock after selling 16,053 shares during the period. Convergence Investment Partners LLC's holdings in Flex were worth $1,805,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. USA Financial Formulas acquired a new position in Flex in the fourth quarter valued at approximately $28,000. CENTRAL TRUST Co boosted its stake in Flex by 238.3% in the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock valued at $29,000 after acquiring an additional 355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Flex in the third quarter valued at approximately $52,000. Root Financial Partners LLC acquired a new position in Flex in the third quarter valued at approximately $57,000. Finally, CI Investments Inc. boosted its stake in Flex by 60.4% in the third quarter. CI Investments Inc. now owns 1,022 shares of the technology company's stock valued at $59,000 after acquiring an additional 385 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on FLEX. Zacks Research upgraded Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. The Goldman Sachs Group lifted 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. lifted their target price on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Robert W. Baird set a $165.00 price objective on Flex in a research report on Thursday, May 7th. Finally, Barclays boosted their price objective on Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.80.

Insider Transactions at Flex

In other Flex news, CEO Revathi Advaithi sold 114,090 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $16,242,993.30. Following the transaction, the chief executive officer owned 689,022 shares of the company's stock, valued at approximately $98,096,062.14. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 22,212 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.40, for a total value of $3,162,988.80. Following the completion of the transaction, the executive vice president directly owned 74,926 shares in the company, valued at $10,669,462.40. This represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 226,512 shares of company stock valued at $30,720,858 over the last three months. 0.57% of the stock is owned by company insiders.

Flex Stock Performance

FLEX opened at $137.86 on Friday. The company has a market capitalization of $50.69 billion, a price-to-earnings ratio of 59.17, a price-to-earnings-growth ratio of 0.76 and a beta of 1.46. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87. Flex Ltd. has a 1-year low of $40.15 and a 1-year high of $147.34. The business has a 50 day moving average price of $83.80 and a two-hundred day moving average price of $70.32.

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