Parcion Private Wealth LLC Makes New Investment in Flex Ltd. $FLEX

Parcion Private Wealth LLC purchased a new position in Flex Ltd. (NASDAQ:FLEX) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 14,182 shares of the technology company’s stock, valued at approximately $1,560,000.

A number of other large investors also recently modified their holdings of FLEX. Sei Investments Co. raised its stake in shares of Flex by 52.2% during the first quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company’s stock valued at $146,016,000 after purchasing an additional 764,558 shares in the last quarter. KBC Group NV grew its position in Flex by 541.5% in the 1st quarter. KBC Group NV now owns 1,965,811 shares of the technology company’s stock valued at $128,682,000 after buying an additional 1,659,384 shares in the last quarter. Amundi increased its stake in Flex by 15.5% during the 1st quarter. Amundi now owns 1,494,418 shares of the technology company’s stock valued at $97,825,000 after buying an additional 200,553 shares during the period. Pacer Advisors Inc. increased its stake in Flex by 9.3% during the 1st quarter. Pacer Advisors Inc. now owns 1,294,132 shares of the technology company’s stock valued at $84,714,000 after buying an additional 109,992 shares during the period. Finally, Swiss National Bank raised its position in shares of Flex by 5.9% during the 1st quarter. Swiss National Bank now owns 1,085,250 shares of the technology company’s stock worth $71,040,000 after buying an additional 60,500 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Flex from $154.00 to $145.00 in a research note on Friday, October 16th. Robert W. Baird decreased their price objective on shares of Flex from $142.00 to $135.00 in a report on Monday, October 19th. Weiss Ratings lowered shares of Flex from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 17th. Zacks Research cut Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Bank of America cut their target price on Flex from $180.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.78.

Flex Trading Down 7.1%

Shares of Flex stock opened at $86.48 on Friday. The business has a fifty day simple moving average of $105.70 and a 200-day simple moving average of $102.84. Flex Ltd. has a fifty-two week low of $53.07 and a fifty-two week high of $166.86. The firm has a market cap of $31.95 billion, a price-to-earnings ratio of 31.22, a price-to-earnings-growth ratio of 0.44 and a beta of 1.67. The company has a quick ratio of 0.89, a current ratio of 1.34 and a debt-to-equity ratio of 0.90.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. The firm had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.17 billion. Flex had a return on equity of 24.93% and a net margin of 3.35%. Flex’s revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 earnings per share. On average, equities analysts forecast that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael P. Hartung sold 2,755 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company’s stock.

Flex Company Profile

Flex Ltd. (NASDAQ: FLEX) is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.