Royal Bank of Canada Has $15.25 Million Stock Position in Flex Ltd. $FLEX

Royal Bank of Canada lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 30.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 232,959 shares of the technology company’s stock after selling 101,787 shares during the quarter. Royal Bank of Canada’s holdings in Flex were worth $15,250,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rithm Capital Corp. acquired a new position in Flex during the first quarter worth $1,407,000. Empowered Funds LLC grew its position in shares of Flex by 5.8% in the 1st quarter. Empowered Funds LLC now owns 152,076 shares of the technology company’s stock valued at $9,955,000 after acquiring an additional 8,310 shares during the period. Quantinno Capital Management LP increased its stake in shares of Flex by 21.6% during the 1st quarter. Quantinno Capital Management LP now owns 76,283 shares of the technology company’s stock worth $4,994,000 after purchasing an additional 13,555 shares during the last quarter. SummitTX Capital L.P. raised its holdings in shares of Flex by 1.1% in the 1st quarter. SummitTX Capital L.P. now owns 122,995 shares of the technology company’s stock valued at $8,051,000 after purchasing an additional 1,318 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in Flex by 34.8% in the 1st quarter. Lazard Asset Management LLC now owns 431,680 shares of the technology company’s stock valued at $28,258,000 after purchasing an additional 111,354 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Robert W. Baird set a $142.00 price target on Flex in a report on Thursday, July 30th. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flex in a report on Friday, July 17th. Finally, Raymond James Financial set a $170.00 price objective on shares of Flex and gave the company an “outperform” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $114.20.

Flex Price Performance

Flex stock opened at $121.35 on Friday. The company has a market capitalization of $44.83 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 0.62 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86. The stock’s 50 day moving average is $137.37 and its 200-day moving average is $101.74.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%.The business had revenue of $7.93 billion during the quarter. Equities research analysts expect that Flex Ltd. will post 4.27 EPS for the current year.

Insider Activity at Flex

In other news, CEO Revathi Advaithi sold 39,188 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the completion of the sale, the chief executive officer owned 584,278 shares of the company’s stock, valued at approximately $84,825,480.04. The trade was a 6.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. Also, CAO Daniel Wendler sold 1,311 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.20, for a total transaction of $190,357.20. Following the completion of the sale, the chief accounting officer directly owned 37,932 shares of the company’s stock, valued at $5,507,726.40. This represents a 3.34% decrease in their position. 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. In the last ninety days, insiders have sold 754,195 shares of company stock valued at $108,044,723. 0.62% of the stock is currently owned by insiders.

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.