Moran Wealth Management LLC Sells 15,338 Shares of Flex Ltd. $FLEX

Moran Wealth Management LLC decreased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 8.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,433 shares of the technology company’s stock after selling 15,338 shares during the period. Moran Wealth Management LLC’s holdings in Flex were worth $10,436,000 at the end of the most recent quarter.

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

Flex Stock Performance

Shares of NASDAQ FLEX opened at $136.85 on Friday. The firm has a market capitalization of $50.14 billion, a price-to-earnings ratio of 58.73, a PEG ratio of 0.72 and a beta of 1.64. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86. The business has a fifty day simple moving average of $137.84 and a 200 day simple moving average of $91.11. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm 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%. Sell-side analysts expect that Flex Ltd. will post 4.15 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FLEX. The Goldman Sachs Group boosted their target price on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report 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 report on Thursday, May 7th. Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Stifel Nicolaus upped their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $115.70.

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 197,879 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total value of $28,557,897.28. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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, COO Kwang Hooi Tan sold 26,657 shares of Flex stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,851,403.36. Following the sale, the chief operating officer directly owned 257,527 shares in the company, valued at $37,207,500.96. The trade was a 9.38% 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 valued at $110,116,823 over the last quarter. 0.62% of the stock is currently owned by insiders.

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.