Insight Wealth Strategies LLC Takes Position in Flex Ltd. $FLEX

Insight Wealth Strategies LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX) in the second quarter, HoldingsChannel reports. The fund acquired 28,141 shares of the technology company’s stock, valued at approximately $4,320,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Frazier Financial Advisors LLC bought a new position in Flex during the fourth quarter worth about $28,000. Parkside Financial Bank & Trust increased its stake in shares of Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after acquiring an additional 166 shares during the last quarter. Gables Capital Management Inc. bought a new stake in shares of Flex in the 4th quarter valued at about $42,000. Caitong International Asset Management Co. Ltd raised its position 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 acquiring an additional 695 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in 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 acquiring an additional 293 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a research note on Friday, July 17th. Barclays decreased their price target on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Raymond James Financial set a $170.00 price objective on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Zacks Research lowered Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, KeyCorp increased their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.20.

Flex Stock Performance

FLEX opened at $122.41 on Wednesday. The business’s 50-day moving average price is $136.06 and its two-hundred day moving average price is $102.78. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The company has a market capitalization of $45.22 billion, a price-to-earnings ratio of 47.26, a P/E/G ratio of 0.60 and a beta of 1.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.38 and a quick ratio of 0.89.

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

Insider Transactions at Flex

In other news, CEO Revathi Advaithi sold 197,879 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the transaction, the chief executive officer directly owned 623,466 shares of the company’s stock, valued at $89,978,613.12. This trade represents a 24.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 business’s 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 completion of the sale, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. This represents a 30.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 563,183 shares of company stock worth $80,863,830. 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.