State of Wyoming Lowers Position in Flex Ltd. $FLEX

State of Wyoming trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 40.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,892 shares of the technology company’s stock after selling 6,597 shares during the period. State of Wyoming’s holdings in Flex were worth $648,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. USA Financial Formulas acquired a new stake in shares of Flex in the fourth quarter worth $28,000. Parkside Financial Bank & Trust increased its position in shares of Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Flex in the 4th quarter valued at approximately $28,000. Gables Capital Management Inc. acquired a new stake in Flex in the fourth quarter valued at $42,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after purchasing an additional 695 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling

In other news, insider Michael P. Hartung sold 7,269 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the sale, the insider owned 245,930 shares of the company’s stock, valued at approximately $35,713,954.60. The trade was a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 39,188 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total value of $5,689,313.84. Following the transaction, the chief executive officer owned 584,278 shares of the company’s stock, valued at approximately $84,825,480.04. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 769,195 shares of company stock valued at $110,116,823 in the last ninety days. Insiders own 0.62% of the company’s stock.

Flex Stock Performance

Shares of FLEX opened at $127.94 on Friday. The firm has a fifty day moving average of $141.76 and a 200-day moving average of $97.82. The company has a market cap of $46.87 billion, a price-to-earnings ratio of 54.91, a price-to-earnings-growth ratio of 0.66 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. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The business 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%. As a group, equities analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FLEX shares. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group raised their price objective on Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Barclays increased their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. Finally, KeyCorp lifted 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Flex has a consensus rating of “Moderate Buy” and an average target price of $115.70.

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.