Praxis Investment Management Inc. Buys Shares of 9,522 Flex Ltd. $FLEX

Key Points

• Praxis Investment Management opened a new position in Flex Ltd., buying 9,522 shares worth about $623,000 in the first quarter.
• Flex saw notable insider selling, including a June sale by CEO Revathi Advaithi and EVP David Scott Offer; insiders sold 769,195 shares total last quarter worth about $110.1 million.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and a $115.70 average price target, even as several firms recently raised their targets and ratings.

Praxis Investment Management Inc. purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,522 shares of the technology company's stock, valued at approximately $623,000.

Several other institutional investors have also recently added to or reduced their stakes in FLEX. USA Financial Formulas acquired a new stake in shares of Flex in the 4th quarter valued at about $28,000. Parkside Financial Bank & Trust grew its stake in Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company's stock worth $28,000 after purchasing an additional 166 shares in the last quarter. Frazier Financial Advisors LLC bought a new stake in Flex in the fourth quarter valued at about $28,000. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter valued at approximately $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Flex by 6,318.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company's stock worth $43,000 after buying an additional 695 shares during the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP David Scott Offer sold 33,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the transaction, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the completion of the transaction, the chief executive officer directly owned 623,466 shares of the company's stock, valued at $89,978,613.12. This trade represents a 24.09% 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 have sold a total of 769,195 shares of company stock worth $110,116,823 in the last quarter. Company insiders own 0.62% of the company's stock.

Analyst Ratings Changes

FLEX has been the subject of several research reports. Stifel Nicolaus lifted their target price 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. raised their price objective on Flex from $75.00 to $84.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Zacks Research upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Robert W. Baird set a $165.00 target price on shares of Flex in a report on Thursday, May 7th. Finally, KeyCorp raised their price target on shares of Flex from $75.00 to $180.00 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 given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

Flex Stock Performance

FLEX stock opened at $136.85 on Monday. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The stock has a market capitalization of $50.14 billion, a price-to-earnings ratio of 58.73, a PEG ratio of 0.72 and a beta of 1.64. 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 stock's fifty day moving average is $137.84 and its two-hundred day moving average is $91.27.

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

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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