Jefferies Financial Group Inc. Sells 92,046 Shares of Flex Ltd. $FLEX

Key Points

• Jefferies Financial Group cut its Flex Ltd. stake by 65.4% in the fourth quarter, selling 92,046 shares and ending with 48,602 shares worth about $2.94 million.
• Insiders also sold shares: COO Kwang Hooi Tan sold 26,175 shares and CEO Revathi Advaithi sold 114,090 shares, both to cover tax withholding tied to vesting equity awards.
• Analysts remain bullish on FLEX, with several recently raising price targets; the consensus rating is Moderate Buy with an average target price of $112.80.

Jefferies Financial Group Inc. reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 65.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,602 shares of the technology company's stock after selling 92,046 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Flex were worth $2,937,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FLEX. Parallel Advisors LLC grew its stake in Flex by 5.3% in the third quarter. Parallel Advisors LLC now owns 3,588 shares of the technology company's stock valued at $208,000 after acquiring an additional 181 shares during the period. Parcion Private Wealth LLC boosted its position in shares of Flex by 1.5% during the fourth quarter. Parcion Private Wealth LLC now owns 14,159 shares of the technology company's stock valued at $855,000 after buying an additional 216 shares during the last quarter. US Bancorp DE boosted its position in shares of Flex by 1.2% during the third quarter. US Bancorp DE now owns 19,729 shares of the technology company's stock valued at $1,144,000 after buying an additional 225 shares during the last quarter. Modera Wealth Management LLC boosted its position in shares of Flex by 3.4% during the third quarter. Modera Wealth Management LLC now owns 7,011 shares of the technology company's stock valued at $406,000 after buying an additional 231 shares during the last quarter. Finally, Tower Wealth Partners Inc. lifted its holdings in Flex by 3.7% during the third quarter. Tower Wealth Partners Inc. now owns 6,980 shares of the technology company's stock worth $405,000 after acquiring an additional 249 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FLEX shares. Raymond James Financial set a $80.00 price target on Flex and gave the stock an "outperform" rating in a report on Wednesday, February 4th. Barclays boosted their target price on Flex from $72.00 to $174.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. KeyCorp boosted their target price on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Robert W. Baird set a $165.00 target price on Flex in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted 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. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $112.80.

Insider Buying and Selling

In other news, COO Kwang Hooi Tan sold 26,175 shares of Flex stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $3,726,534.75. Following the completion of the transaction, the chief operating officer directly owned 256,043 shares in the company, valued at approximately $36,452,841.91. The trade was a 9.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 114,090 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 value of $16,242,993.30. Following the completion of the transaction, the chief executive officer owned 689,022 shares of the company's stock, valued at approximately $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 329,512 shares of company stock valued at $44,459,298 in the last 90 days. Corporate insiders own 0.57% of the company's stock.

Flex Stock Performance

Shares of FLEX opened at $143.24 on Wednesday. The firm has a market cap of $52.48 billion, a PE ratio of 61.48, a PEG ratio of 0.70 and a beta of 1.46. The stock's fifty day moving average price is $93.62 and its two-hundred day moving average price is $73.73. 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 $41.43 and a 1 year high of $147.34.

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