SEB Asset Management AB Makes New Investment in Flex Ltd. $FLEX

Key Points

• SEB Asset Management AB opened a new position in Flex, buying 174,317 shares worth about $11.4 million in the first quarter.
• Institutional interest in Flex remains high, with 94.30% of the stock owned by institutional investors and hedge funds. Several other firms, including Goldman Sachs and First Trust Advisors, also increased their holdings.
• Wall Street sentiment is generally positive, with multiple analysts raising price targets and the stock carrying an average rating of “Moderate Buy.” Meanwhile, insiders sold shares recently, including CEO Revathi Advaithi and insider Michael P. Hartung.

SEB Asset Management AB purchased a new stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 174,317 shares of the technology company's stock, valued at approximately $11,411,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC acquired a new position in shares of Flex in the 4th quarter valued at $260,000. Goldman Sachs Group Inc. lifted its position in Flex by 19.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock worth $42,314,000 after acquiring an additional 211,046 shares during the period. Empowered Funds LLC purchased a new stake in Flex during the 1st quarter valued at about $397,000. EverSource Wealth Advisors LLC grew its stake in Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock valued at $132,000 after purchasing an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Flex by 92.4% in the second quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock valued at $3,099,000 after purchasing an additional 29,821 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FLEX has been the subject of a number of research reports. The Goldman Sachs Group lifted their target price on Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Robert W. Baird set a $165.00 price target on shares of Flex in a report on Thursday, May 7th. 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. Freedom Capital raised shares of Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Finally, Barclays increased their price objective on shares of Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.70.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 22,627 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares in the company, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the sale, the chief executive officer owned 623,466 shares of the company's stock, valued at $89,978,613.12. This represents a 24.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 769,195 shares of company stock worth $110,116,823 in the last quarter. 0.62% of the stock is currently owned by insiders.

Flex Stock Performance

FLEX opened at $119.91 on Tuesday. The firm's fifty day simple moving average is $142.65 and its two-hundred day simple moving average is $96.43. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. The company has a market cap of $43.93 billion, a price-to-earnings ratio of 51.46, a PEG ratio of 0.62 and a beta of 1.64. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion during the quarter. Equities analysts anticipate that Flex Ltd. will post 4.18 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.