Flex Ltd. $FLEX Shares Sold by Covestor Ltd

Covestor Ltd lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 89.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,550 shares of the technology company’s stock after selling 13,338 shares during the quarter. Covestor Ltd’s holdings in Flex were worth $94,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Flex in the fourth quarter worth $28,000. CENTRAL TRUST Co grew its position in Flex by 238.3% during the third quarter. CENTRAL TRUST Co now owns 504 shares of the technology company’s stock valued at $29,000 after buying an additional 355 shares during the period. Gables Capital Management Inc. acquired a new stake in Flex during the fourth quarter valued at $42,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flex during the third quarter valued at $52,000. Finally, Root Financial Partners LLC acquired a new stake in Flex during the third quarter valued at $57,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

NASDAQ:FLEX opened at $132.47 on Friday. The company’s 50-day moving average price is $90.64 and its 200-day moving average price is $72.62. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market cap of $48.53 billion, a P/E ratio of 56.85, a P/E/G ratio of 0.70 and a beta of 1.46. Flex Ltd. has a twelve month low of $40.15 and a twelve month high of $147.34.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The firm had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. On average, sell-side analysts forecast that Flex Ltd. will post 4.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FLEX. JPMorgan Chase & Co. raised their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Stifel Nicolaus raised their price target on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. KeyCorp raised their price target on shares of Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Raymond James Financial set a $80.00 price target on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and an average price target of $112.80.

Insider Activity

In other Flex news, Director Charles K. Stevens III sold 15,000 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $138.14, for a total value of $2,072,100.00. Following the completion of the sale, the director directly owned 45,426 shares of the company’s stock, valued at $6,275,147.64. This trade represents a 24.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Revathi Advaithi sold 114,090 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $142.37, for a total value of $16,242,993.30. Following the completion of the sale, the chief executive officer directly owned 689,022 shares of the company’s stock, valued at $98,096,062.14. This trade represents a 14.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 226,512 shares of company stock valued at $30,720,858 in the last 90 days. 0.57% of the stock is owned by insiders.

Flex Company 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.