Primecap Management Co. CA Sells 3,993,338 Shares of Flex Ltd. $FLEX

Primecap Management Co. CA lowered its position in Flex Ltd. (NASDAQ:FLEX) by 11.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 29,610,278 shares of the technology company’s stock after selling 3,993,338 shares during the period. Flex accounts for approximately 1.3% of Primecap Management Co. CA’s portfolio, making the stock its 22nd largest position. Primecap Management Co. CA owned 8.01% of Flex worth $1,716,508,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of FLEX. Norges Bank bought a new stake in Flex during the second quarter valued at $291,362,000. State Street Corp lifted its stake in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after purchasing an additional 3,377,669 shares during the period. Geode Capital Management LLC boosted its position in shares of Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock valued at $358,500,000 after purchasing an additional 2,459,511 shares in the last quarter. Pacer Advisors Inc. grew its stake in Flex by 5,973.9% during the third quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock worth $79,132,000 after purchasing an additional 1,342,569 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Flex by 80.9% in the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock worth $153,374,000 after purchasing an additional 1,183,464 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FLEX. Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Argus set a $85.00 price objective on shares of Flex in a report on Friday, October 31st. Barclays raised their target price on Flex from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Raymond James Financial set a $80.00 price objective on Flex and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Finally, The Goldman Sachs Group upped their target price on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Flex has an average rating of “Moderate Buy” and a consensus target price of $66.78.

Insider Activity

In other Flex news, CFO Kevin Krumm sold 21,406 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total value of $1,310,689.38. Following the completion of the sale, the chief financial officer directly owned 143,803 shares of the company’s stock, valued at approximately $8,805,057.69. This represents a 12.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $71.97, for a total transaction of $719,700.00. Following the transaction, the chief accounting officer directly owned 27,619 shares in the company, valued at approximately $1,987,739.43. This represents a 26.58% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.57% of the company’s stock.

Flex Stock Performance

Shares of FLEX opened at $65.67 on Thursday. The firm has a market capitalization of $24.14 billion, a P/E ratio of 29.45, a P/E/G ratio of 1.59 and a beta of 1.24. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $72.22. The stock has a 50 day moving average price of $63.72 and a two-hundred day moving average price of $60.49. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.88 and a current ratio of 1.40.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, February 4th. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. The company had revenue of $7.06 billion for the quarter, compared to analysts’ expectations of $6.84 billion. Flex had a return on equity of 20.99% and a net margin of 3.17%.Flex’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 earnings per share. Flex has set its FY 2026 guidance at 3.210-3.270 EPS and its Q4 2026 guidance at 0.830-0.890 EPS. Equities analysts forecast that Flex Ltd. will post 2.33 earnings per share for the current fiscal 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.