Flex Ltd. $FLEX Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC reduced its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 9.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,909 shares of the technology company’s stock after selling 5,068 shares during the period. NewEdge Advisors LLC’s holdings in Flex were worth $3,333,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its stake in Flex by 57.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after buying an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Flex in the 4th quarter worth approximately $28,000. Gables Capital Management Inc. bought a new stake in shares of Flex in the 4th quarter valued at approximately $42,000. Caitong International Asset Management Co. Ltd raised its position in shares of Flex by 6,318.2% during 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 in the last quarter. Finally, CENTRAL TRUST Co lifted its stake in Flex by 58.1% during the fourth quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock worth $48,000 after purchasing an additional 293 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on FLEX shares. JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Finally, The Goldman Sachs Group decreased their target price on Flex from $177.00 to $154.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. One investment 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 company. According to data from MarketBeat, Flex has an average rating of “Moderate Buy” and an average price target of $114.20.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $124.53 on Thursday. The firm’s 50 day moving average is $135.32 and its two-hundred day moving average is $103.20. The firm has a market capitalization of $46.00 billion, a P/E ratio of 48.08, a PEG ratio of 0.62 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 52 week low of $47.83 and a 52 week high of $166.86.

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. Flex had a return on equity of 23.15% and a net margin of 3.32%.The business had revenue of $7.93 billion during the quarter. Analysts anticipate that Flex Ltd. will post 4.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 22,627 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the transaction, the insider directly owned 253,199 shares of the company’s stock, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 197,879 shares of Flex stock in a transaction dated 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 sale, the chief executive officer owned 623,466 shares in the company, valued at approximately $89,978,613.12. This represents a 24.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 560,183 shares of company stock worth $80,426,190. 0.62% of the stock is owned by company insiders.

Flex 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.