Graphene Investments SAS Lowers Stock Position in Flex Ltd. $FLEX

Key Points

• Graphene Investments SAS cut its Flex position by 55.7% in the second quarter, selling 26,100 shares and retaining 20,800 shares valued at approximately $3.37 million. Institutional investors collectively own 94.3% of Flex.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share, while analysts expect $4.27 in full-year EPS. The stock carries a “Moderate Buy” consensus rating, with an average price target of $114.20.
• Flex shares opened at $124.53, below their 50-day moving average of $135.32 but well above the one-year low of $47.83. Company insiders sold shares worth about $80.4 million last quarter, primarily to cover tax obligations tied to equity awards.

Graphene Investments SAS lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 55.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,800 shares of the technology company's stock after selling 26,100 shares during the period. Flex accounts for approximately 2.0% of Graphene Investments SAS's holdings, making the stock its 27th biggest position. Graphene Investments SAS's holdings in Flex were worth $3,371,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FLEX. Vanguard Group Inc. grew its stake in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in Flex during the fourth quarter worth about $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of Flex in the fourth quarter valued at about $2,497,000. Rithm Capital Corp. acquired a new stake in shares of Flex in the first quarter valued at approximately $1,407,000. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Flex by 12.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock worth $10,469,000 after purchasing an additional 19,270 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Flex Stock Up 1.7%

FLEX stock opened at $124.53 on Thursday. The company has a 50 day moving average price of $135.32 and a two-hundred day moving average price of $103.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. The stock has a market capitalization of $46.00 billion, a P/E ratio of 48.08, a PEG ratio of 0.62 and a beta of 1.67. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The business had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. As a group, sell-side analysts expect that Flex Ltd. will post 4.27 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FLEX. Zacks Research lowered Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Stifel Nicolaus boosted their price target on Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $114.20.

Insider Transactions at Flex

In other news, COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer directly owned 584,278 shares in the company, valued at $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 560,183 shares of company stock worth $80,426,190 in the last quarter. 0.62% of the stock is currently owned by corporate insiders.

Flex Company 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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