Insight Wealth Strategies LLC Purchases Shares of 28,141 Flex Ltd. $FLEX

Key Points

• Insight Wealth Strategies purchased 28,141 Flex shares worth approximately $4.32 million, while institutional investors collectively own 94.30% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $114.20, despite several firms recently lowering their targets.
• Flex shares opened at $122.41, and the company reported quarterly revenue of $7.93 billion and earnings of $1.00 per share. Insiders sold shares primarily to cover tax obligations related to vested equity awards.

Insight Wealth Strategies LLC acquired a new position in Flex Ltd. (NASDAQ:FLEX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 28,141 shares of the technology company's stock, valued at approximately $4,320,000.

Several other large investors have also made changes to their positions in the business. JSF Financial LLC grew its position in Flex by 0.6% in the 1st quarter. JSF Financial LLC now owns 20,504 shares of the technology company's stock worth $1,342,000 after purchasing an additional 115 shares during the last quarter. Glenview Trust Co lifted its stake in shares of Flex by 3.4% in the first quarter. Glenview Trust Co now owns 3,775 shares of the technology company's stock valued at $247,000 after buying an additional 125 shares during the period. Resonant Capital Advisors LLC grew its position in Flex by 2.1% during the first quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company's stock worth $522,000 after buying an additional 163 shares in the last quarter. Parkside Financial Bank & Trust grew its position in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after buying an additional 166 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Flex by 7.9% during the first quarter. Bessemer Group Inc. now owns 2,418 shares of the technology company's stock valued at $159,000 after acquiring an additional 178 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Stifel Nicolaus raised their price objective on Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. upped 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. The Goldman Sachs Group reduced their target price on Flex from $177.00 to $154.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Barclays decreased their price target on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a research note on Thursday, July 30th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Flex currently has a consensus rating of "Moderate Buy" and an average price target of $114.20.

Insider Activity

In other Flex news, COO Kwang Hooi Tan sold 8,981 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the sale, the chief operating officer owned 248,546 shares in the company, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 company's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the transaction, the chief accounting officer 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 quarter, insiders have sold 563,183 shares of company stock worth $80,863,830. 0.62% of the stock is currently owned by insiders.

Flex Trading Up 2.3%

Shares of FLEX stock opened at $122.41 on Wednesday. The company has a market capitalization of $45.22 billion, a P/E ratio of 47.26, a P/E/G ratio of 0.60 and a beta of 1.68. Flex Ltd. has a 12-month low of $47.83 and a 12-month high of $166.86. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average price of $136.06 and a 200 day moving average price of $102.78.

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 for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The company had revenue of $7.93 billion during the quarter. Research analysts forecast that Flex Ltd. will post 4.27 earnings per share 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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