Flex Ltd. $FLEX Holdings Trimmed by Royal Bank of Canada

Royal Bank of Canada lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 30.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,959 shares of the technology company’s stock after selling 101,787 shares during the period. Royal Bank of Canada owned about 0.06% of Flex worth $15,250,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FLEX. Frazier Financial Advisors LLC purchased a new position in Flex in the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust increased its stake in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares during the period. Gables Capital Management Inc. acquired a new position in shares of Flex during the fourth quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Flex by 6,318.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the period. Finally, CENTRAL TRUST Co grew its holdings in shares of Flex by 58.1% during the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock worth $48,000 after purchasing an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FLEX shares. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price objective on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Barclays reduced their price target on Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $114.20.

Flex Stock Performance

Shares of FLEX stock opened at $121.35 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86. The company’s 50 day moving average price is $137.37 and its two-hundred day moving average price is $101.74. The company has a market capitalization of $44.83 billion, a P/E ratio of 46.85, a price-to-earnings-growth ratio of 0.62 and a beta of 1.67.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The company had revenue of $7.93 billion during the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. On average, analysts expect that Flex Ltd. will post 4.27 earnings per share for the current fiscal year.

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 197,879 shares of Flex stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 623,466 shares in the company, valued at $89,978,613.12. This trade represents a 24.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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, EVP David Scott Offer sold 33,000 shares of the stock in a transaction 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 transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at $11,307,921.61. The trade was a 30.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 754,195 shares of company stock valued at $108,044,723 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

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.