Sumitomo Mitsui Trust Group Inc. Sells 52,150 Shares of Flex Ltd. $FLEX

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 769,008 shares of the technology company's stock after selling 52,150 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.21% of Flex worth $50,339,000 at the end of the most recent reporting period.

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

Flex Price Performance

FLEX opened at $135.80 on Monday. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The company has a market cap of $49.75 billion, a PE ratio of 58.28, a price-to-earnings-growth ratio of 0.71 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a 50 day moving average of $142.50 and a 200 day moving average of $93.81.

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 business had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, sell-side analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 6,657 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.23, for a total transaction of $966,796.11. Following the sale, the executive vice president owned 91,122 shares of the company's stock, valued at approximately $13,233,648.06. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 8,981 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer owned 248,546 shares of the company's stock, valued at $36,086,393.74. This trade represents a 3.49% 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 a total of 769,195 shares of company stock worth $110,116,823 in the last 90 days. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FLEX shares. Robert W. Baird set a $165.00 price objective on shares of Flex in a research note on Thursday, May 7th. Barclays lifted their price target on Flex from $174.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, June 4th. The Goldman Sachs Group upped their price objective on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. KeyCorp increased their price target on shares of Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $115.70.

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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