Central Pacific Bank Trust Division Acquires Shares of 5,825 Flex Ltd. $FLEX

Central Pacific Bank Trust Division bought a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the second quarter, HoldingsChannel reports. The fund bought 5,825 shares of the technology company’s stock, valued at approximately $944,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new stake in Flex during the 4th quarter worth $28,000. Parkside Financial Bank & Trust increased its stake in Flex by 57.0% in the fourth 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 during the period. Gables Capital Management Inc. purchased a new stake in shares of Flex in the fourth quarter valued at about $42,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Flex by 6,318.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of 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 buying an additional 293 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insiders Place Their Bets

In other Flex news, COO Kwang Hooi Tan sold 26,657 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 $3,851,403.36. Following the completion of the transaction, the chief operating officer owned 257,527 shares in the company, valued at approximately $37,207,500.96. This represents a 9.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 the business’s stock in a transaction on Wednesday, June 17th. The stock was 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 $89,978,613.12. The trade was a 24.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders sold 769,195 shares of company stock worth $110,116,823. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. The Goldman Sachs Group dropped their price target on Flex from $177.00 to $154.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Robert W. Baird set a $142.00 price objective on Flex in a research report on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Barclays cut their price target on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Flex has an average rating of “Moderate Buy” and an average target price of $114.20.

Flex Trading Down 3.8%

NASDAQ FLEX opened at $121.88 on Thursday. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $45.02 billion, a P/E ratio of 47.06, a P/E/G ratio of 0.65 and a beta of 1.67. Flex Ltd. has a 52-week low of $47.83 and a 52-week high of $166.86. The firm has a 50-day moving average price of $138.40 and a 200 day moving average price of $101.19.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. The company had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Equities research analysts expect 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.