Genus Capital Management Inc. Trims Stock Holdings in Flex Ltd. $FLEX

Key Points

• Genus Capital Management cut its Flex stake by 85.7% in the fourth quarter, selling 91,547 shares and leaving it with 15,218 shares worth about $919,000.
• Wall Street sentiment on Flex remains positive overall, with analysts giving it a Moderate Buy rating and an average price target of $112.80, though several firms recently raised targets sharply.
• Insiders have also been selling stock: COO Kwang Hooi Tan and Director Erin McSweeney both reduced holdings, and insiders sold a total of 226,512 shares worth about $30.7 million over the last three months.

Genus Capital Management Inc. trimmed its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 85.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,218 shares of the technology company's stock after selling 91,547 shares during the period. Genus Capital Management Inc.'s holdings in Flex were worth $919,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. USA Financial Formulas purchased a new position in Flex in the 4th quarter valued at approximately $28,000. Frazier Financial Advisors LLC purchased a new position in Flex in the 4th quarter valued at approximately $28,000. CENTRAL TRUST Co grew its stake in Flex by 238.3% in the 3rd quarter. CENTRAL TRUST Co now owns 504 shares of the technology company's stock valued at $29,000 after buying an additional 355 shares in the last quarter. Gables Capital Management Inc. purchased a new position in Flex in the 4th quarter valued at approximately $42,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Flex in the 3rd quarter valued at approximately $52,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLEX. Wall Street Zen lowered shares of Flex from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. KeyCorp raised their price target on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. The Goldman Sachs Group raised their price target on shares of Flex from $84.00 to $177.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Stifel Nicolaus raised their price target on shares of Flex from $75.00 to $95.00 and gave the company a "buy" rating in a report on Monday, April 20th. Finally, JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $112.80.

Insider Activity at Flex

In other news, COO Kwang Hooi Tan sold 26,175 shares of Flex stock in a transaction on Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $3,726,534.75. Following the completion of the sale, the chief operating officer directly owned 256,043 shares of the company's stock, valued at approximately $36,452,841.91. The trade was a 9.27% decrease in their position. The transaction 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, Director Erin Mcsweeney sold 3,000 shares of Flex stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $145.88, for a total transaction of $437,640.00. Following the sale, the director directly owned 11,512 shares of the company's stock, valued at $1,679,370.56. This represents a 20.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 226,512 shares of company stock worth $30,720,858 in the last three months. 0.57% of the stock is owned by insiders.

Flex Stock Performance

NASDAQ FLEX opened at $132.47 on Tuesday. Flex Ltd. has a 52-week low of $40.15 and a 52-week high of $147.34. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The company has a market capitalization of $48.53 billion, a P/E ratio of 56.85, a P/E/G ratio of 0.70 and a beta of 1.46. The company has a fifty day moving average of $92.02 and a 200-day moving average of $73.18.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The company had revenue of $7.48 billion during the quarter. As a group, equities research analysts predict 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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