6,564 Flex Ltd. $FLEX Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its position in Flex Ltd. (NASDAQ:FLEX) by 3.9% during the third quarter, Holdings Channel reports. The institutional investor owned 160,694 shares of the technology company’s stock after selling 6,564 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Flex were worth $17,675,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FLEX. Deltec Asset Management LLC grew its position in shares of Flex by 40.3% during the 3rd quarter. Deltec Asset Management LLC now owns 139,284 shares of the technology company’s stock worth $15,320,000 after buying an additional 40,003 shares during the period. Rithm Capital Corp. acquired a new stake in shares of Flex during the first quarter worth $1,407,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Flex in the second quarter valued at about $8,659,000. SteelPeak Wealth LLC bought a new position in Flex during the third quarter worth about $1,359,000. Finally, Andra AP fonden increased its stake in shares of Flex by 41.9% in the 2nd quarter. Andra AP fonden now owns 38,624 shares of the technology company’s stock valued at $6,260,000 after acquiring an additional 11,400 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. Robert W. Baird lowered their target price on shares of Flex from $142.00 to $135.00 in a research note on Monday, October 19th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reduced their price target on shares of Flex from $154.00 to $145.00 in a report on Friday, October 16th. Barclays reduced their target price on shares of Flex from $144.00 to $128.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. Finally, KeyCorp dropped their price target on Flex from $180.00 to $128.00 and set an “overweight” rating on the stock in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $138.88.

Flex Stock Down 1.1%

NASDAQ:FLEX opened at $78.12 on Friday. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86. The firm has a market capitalization of $28.86 billion, a price-to-earnings ratio of 28.20, a price-to-earnings-growth ratio of 0.37 and a beta of 1.80. The company has a quick ratio of 0.85, a current ratio of 1.34 and a debt-to-equity ratio of 0.90. The stock’s 50 day moving average price is $99.92 and its two-hundred day moving average price is $103.42.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.12. The firm had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. Flex had a net margin of 3.35% and a return on equity of 24.93%. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.79 earnings per share. Equities research analysts expect that Flex Ltd. will post 4.52 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In related news, insider Michael P. Hartung sold 2,755 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the sale, the insider owned 243,175 shares in the company, valued at approximately $29,336,632. This represents a 1.12% decrease in their position. The transaction was disclosed in a legal filing 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. Insiders own 0.62% of the company’s stock.

Latest Flex News

Investors following FLEX have been watching these news items:

• Positive Sentiment: Flex was highlighted as an AI-infrastructure company with attractive valuation and growth potential, alongside peers Super Micro Computer and Jabil. Zacks article
• Positive Sentiment: A Wall Street roundup described analysts as highly optimistic on Flex, noting the shares’ outperformance over the past year. Barchart article
• Negative Sentiment: KeyCorp cut its Flex price target to $128 from $180, a substantial reduction that could weigh on sentiment. It maintained an “overweight” rating, however, and the revised target still implies considerable upside from the reference price cited in the report. KeyCorp rating information

Flex Company Profile

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.