Truist Financial Corp Reduces Stake in Flex Ltd. $FLEX

Key Points

• Truist Financial cut its stake in Flex by 10.4% in the fourth quarter, selling 10,871 shares and ending with 93,557 shares valued at about $5.65 million.
• Flex reported strong quarterly results, posting earnings of $0.93 per share on revenue of $7.48 billion, both above analyst expectations, with revenue up 17.2% year over year.
• Several analysts turned more bullish on Flex, with multiple firms raising price targets sharply; the stock now carries a Moderate Buy consensus and an average target price of $112.80.

Truist Financial Corp trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 93,557 shares of the technology company's stock after selling 10,871 shares during the quarter. Truist Financial Corp's holdings in Flex were worth $5,653,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FLEX. Vanguard Group Inc. increased its stake in shares of Flex by 196.1% during the 4th quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company's stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares in the last quarter. State Street Corp boosted its position in Flex by 38.0% during the second quarter. State Street Corp now owns 12,259,554 shares of the technology company's stock worth $611,997,000 after acquiring an additional 3,377,669 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in Flex by 118.1% during the third quarter. Qube Research & Technologies Ltd now owns 2,811,248 shares of the technology company's stock worth $162,968,000 after acquiring an additional 1,522,308 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Flex by 80.9% during the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company's stock worth $153,374,000 after acquiring an additional 1,183,464 shares during the last quarter. Finally, Junto Capital Management LP acquired a new stake in Flex during the third quarter worth approximately $56,270,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Charles K. Stevens III sold 15,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $138.14, for a total value of $2,072,100.00. Following the sale, the director directly owned 45,426 shares in the company, valued at $6,275,147.64. The trade was a 24.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Kwang Hooi Tan sold 17,500 shares of the business's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $58.87, for a total transaction of $1,030,225.00. Following the completion of the sale, the chief operating officer owned 233,636 shares in the company, valued at $13,754,151.32. The trade was a 6.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.57% of the stock is owned by insiders.

Flex Trading Up 6.9%

Shares of NASDAQ:FLEX opened at $142.17 on Friday. The company has a 50 day moving average of $74.45 and a 200-day moving average of $67.03. The firm has a market cap of $52.27 billion, a P/E ratio of 61.02, a P/E/G ratio of 3.06 and a beta of 1.46. Flex Ltd. has a twelve month low of $38.30 and a twelve month high of $142.59. The company has a current ratio of 1.36, a quick ratio of 0.88 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.06. The company had revenue of $7.48 billion during the quarter, compared to analyst estimates of $6.96 billion. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business's revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 EPS. Flex has set its FY 2027 guidance at 4.210-4.510 EPS and its Q1 2027 guidance at 0.860-0.920 EPS. As a group, analysts anticipate that Flex Ltd. will post 3.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FLEX. Raymond James Financial set a $80.00 price target on shares of Flex and gave the company an "outperform" rating in a report on Wednesday, February 4th. JPMorgan Chase & Co. lifted their target price on shares of Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. KeyCorp lifted their price target on shares of Flex from $75.00 to $180.00 and gave the stock an "overweight" rating in a research note on Thursday. The Goldman Sachs Group lifted their price target on shares of Flex from $84.00 to $177.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Barclays boosted their target price on shares of Flex from $72.00 to $174.00 and gave the stock an "overweight" rating in a research report on Thursday. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $112.80.

About Flex

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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