Flex Ltd. $FLEX Holdings Trimmed by NewEdge Advisors LLC

NewEdge Advisors LLC cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,909 shares of the technology company’s stock after selling 5,068 shares during the quarter. NewEdge Advisors LLC’s holdings in Flex were worth $3,333,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FLEX. Parkside Financial Bank & Trust raised its holdings in shares of Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after purchasing an additional 166 shares in the last quarter. Frazier Financial Advisors LLC bought a new stake in Flex during the fourth quarter worth approximately $28,000. Gables Capital Management Inc. acquired a new position in Flex in the fourth quarter worth approximately $42,000. Caitong International Asset Management Co. Ltd increased 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 in the last quarter. Finally, CENTRAL TRUST Co lifted its position in shares of Flex by 58.1% during the 4th quarter. CENTRAL TRUST Co now owns 797 shares of the technology company’s stock valued at $48,000 after acquiring an additional 293 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, April 20th. KeyCorp increased their price target on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Barclays decreased their target price on shares of Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and an average target price of $114.20.

Insider Activity at Flex

In other Flex news, CEO Revathi Advaithi sold 197,879 shares of Flex stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.32, for a total transaction of $28,557,897.28. Following the completion of the sale, the chief executive officer owned 623,466 shares of the company’s stock, valued at $89,978,613.12. This trade represents a 24.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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, COO Kwang Hooi Tan sold 26,657 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,851,403.36. Following 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 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 ninety days, insiders sold 560,183 shares of company stock valued at $80,426,190. Company insiders own 0.62% of the company’s stock.

Flex Stock Up 1.7%

Shares of Flex stock opened at $124.53 on Thursday. 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 $46.00 billion, a P/E ratio of 48.08, a P/E/G 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. The stock has a 50-day moving average price of $135.32 and a 200 day moving average price of $103.20.

Flex (NASDAQ:FLEX) last released its earnings results 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%. As a group, analysts expect that Flex Ltd. will post 4.27 EPS for the current fiscal 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.