Flex Ltd. $FLEX Shares Sold by State of Wyoming

State of Wyoming trimmed its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 40.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,892 shares of the technology company’s stock after selling 6,597 shares during the quarter. State of Wyoming’s holdings in Flex were worth $648,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Flex during the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust boosted its stake in Flex by 57.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after purchasing an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of Flex during the 4th quarter valued at $28,000. Gables Capital Management Inc. bought a new stake in shares of Flex in the 4th quarter worth $42,000. Finally, Caitong International Asset Management Co. Ltd raised its stake 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 worth $43,000 after buying an additional 695 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Michael P. Hartung sold 22,627 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total value of $3,269,148.96. Following the completion of the sale, the insider owned 253,199 shares in the company, valued at $36,582,191.52. This represents a 8.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Kwang Hooi Tan sold 26,657 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 value of $3,851,403.36. Following the completion of the sale, the chief operating officer directly owned 257,527 shares of the company’s stock, valued at approximately $37,207,500.96. This trade represents a 9.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 769,195 shares of company stock worth $110,116,823. Company insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. KeyCorp raised their target price on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group boosted their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Robert W. Baird set a $165.00 price objective on shares of Flex in a research report on Thursday, May 7th. Freedom Capital raised shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex Price Performance

NASDAQ FLEX opened at $127.94 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a 1 year low of $47.83 and a 1 year high of $166.86. The company has a market cap of $46.87 billion, a PE ratio of 54.91, a PEG ratio of 0.66 and a beta of 1.64. The stock’s 50-day moving average price is $141.76 and its two-hundred day moving average price is $97.82.

Flex (NASDAQ:FLEX) last released its earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The business had revenue of $7.48 billion for the quarter. On average, analysts predict that Flex Ltd. will post 4.18 EPS for the current year.

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.