Central Pacific Bank Trust Division Acquires New Shares in Flex Ltd. $FLEX

Central Pacific Bank Trust Division acquired a new position in Flex Ltd. (NASDAQ:FLEX) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,825 shares of the technology company’s stock, valued at approximately $944,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Flex by 196.1% in the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after purchasing an additional 25,662,586 shares during the period. Norges Bank purchased a new stake in Flex during the 4th quarter worth approximately $319,756,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Flex during the 4th quarter worth approximately $2,497,000. Rithm Capital Corp. purchased a new position in Flex in the 1st quarter valued at approximately $1,407,000. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Flex by 12.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock worth $10,469,000 after acquiring an additional 19,270 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX stock opened at $121.88 on Thursday. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. The firm has a fifty day moving average price of $138.40 and a 200 day moving average price of $101.19. The company has a market cap of $45.02 billion, a P/E ratio of 47.06, a PEG ratio of 0.65 and a beta of 1.67. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The company had revenue of $7.93 billion for the quarter. Sell-side analysts predict that Flex Ltd. will post 4.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flex news, COO Kwang Hooi Tan sold 26,657 shares of the 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 transaction, the chief operating officer directly owned 257,527 shares in the company, valued at $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This represents a 30.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 769,195 shares of company stock valued at $110,116,823. 0.62% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLEX. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Stifel Nicolaus boosted their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Finally, Raymond James Financial set a $170.00 price objective on Flex and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.20.

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.