The Manufacturers Life Insurance Company cut its holdings in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,600 shares of the technology company's stock after selling 16,564 shares during the period. The Manufacturers Life Insurance Company owned about 0.05% of Flex worth $12,195,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in FLEX. Vanguard Group Inc. boosted its position in Flex by 196.1% in the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock valued at $2,341,053,000 after buying an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth about $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in Flex during the 4th quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC grew its holdings in Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company's stock valued at $10,469,000 after purchasing an additional 19,270 shares during the period. Finally, Teacher Retirement System of Texas increased its stake in Flex by 62.3% in the fourth quarter. Teacher Retirement System of Texas now owns 340,389 shares of the technology company's stock valued at $20,566,000 after purchasing an additional 130,641 shares in the last quarter. Institutional investors own 94.30% of the company's stock.
Insider Activity
In other Flex news, CEO Revathi Advaithi sold 197,879 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the sale, the chief executive officer directly owned 623,466 shares of the company's stock, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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. Also, EVP David Scott Offer sold 33,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the sale, the executive vice president owned 73,471 shares of the company's stock, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 769,195 shares of company stock valued at $110,116,823 over the last three months. Corporate insiders own 0.62% of the company's stock.
Wall Street Analysts Forecast Growth
FLEX has been the topic of several recent analyst reports. Freedom Capital upgraded Flex from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Barclays lowered their price target on Flex from $203.00 to $144.00 and set an "overweight" rating for the company in a report on Thursday. Raymond James Financial set a $170.00 price objective on Flex and gave the company an "outperform" rating in a report on Wednesday. Stifel Nicolaus boosted their price objective on Flex from $75.00 to $95.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Flex in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Flex currently has a consensus rating of "Moderate Buy" and an average price target of $114.20.
Get Our Latest Stock Analysis on Flex
Flex Price Performance
Flex stock opened at $113.75 on Monday. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The company has a fifty day simple moving average of $139.51 and a 200 day simple moving average of $99.98. The company has a market cap of $41.68 billion, a P/E ratio of 43.92, a price-to-earnings-growth ratio of 0.59 and a beta of 1.64. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86.
Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The firm had revenue of $7.93 billion during the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Research analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.
About Flex
(
Free Report)
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.
See Also
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