Praxis Investment Management Inc. Acquires New Holdings in Flex Ltd. $FLEX

Praxis Investment Management Inc. bought a new stake in Flex Ltd. (NASDAQ:FLEX) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,522 shares of the technology company’s stock, valued at approximately $623,000.

Several other large investors have also recently bought and sold shares of the stock. Hunter Associates Investment Management LLC raised its position in shares of Flex by 2.1% during the 1st quarter. Hunter Associates Investment Management LLC now owns 9,675 shares of the technology company’s stock worth $635,000 after buying an additional 200 shares in the last quarter. HB Wealth Management LLC boosted its holdings in shares of Flex by 23.8% in the first quarter. HB Wealth Management LLC now owns 9,562 shares of the technology company’s stock valued at $626,000 after acquiring an additional 1,840 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Flex during the first quarter valued at approximately $1,093,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Flex by 49.7% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 130,100 shares of the technology company’s stock valued at $8,516,000 after acquiring an additional 43,200 shares during the period. Finally, Elevation Point Wealth Partners LLC raised its holdings in Flex by 520.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 28,558 shares of the technology company’s stock worth $1,869,000 after purchasing an additional 23,953 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $136.85 on Monday. The company has a market capitalization of $50.14 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The stock has a fifty day moving average of $137.84 and a 200-day moving average of $91.27. Flex Ltd. has a one year low of $47.83 and a one year high of $166.86.

Flex (NASDAQ:FLEX) last issued its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The business had revenue of $7.48 billion for the quarter. As a group, equities analysts anticipate that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Activity

In other news, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the transaction, the chief executive officer directly owned 584,278 shares of the company’s stock, valued at $84,825,480.04. This trade represents a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 8,981 shares of the business’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 sale, the chief operating officer owned 248,546 shares in the company, valued at $36,086,393.74. This represents a 3.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 769,195 shares of company stock worth $110,116,823. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FLEX shares. Zacks Research raised Flex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Robert W. Baird set a $165.00 price objective on Flex in a report on Thursday, May 7th. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, Barclays raised their price objective on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $115.70.

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.