Primecap Management Co. CA Sells 3,993,338 Shares of Flex Ltd. $FLEX

Primecap Management Co. CA trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 11.9% during the third quarter, HoldingsChannel reports. The firm owned 29,610,278 shares of the technology company’s stock after selling 3,993,338 shares during the quarter. Flex accounts for about 1.3% of Primecap Management Co. CA’s investment portfolio, making the stock its 22nd biggest holding. Primecap Management Co. CA owned approximately 0.08% of Flex worth $1,716,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in FLEX. Norges Bank purchased a new stake in Flex during the second quarter worth about $291,362,000. State Street Corp increased its stake in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Flex by 52.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Flex by 5,973.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,365,043 shares of the technology company’s stock worth $79,132,000 after purchasing an additional 1,342,569 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Flex by 80.9% in the third quarter. JPMorgan Chase & Co. now owns 2,645,745 shares of the technology company’s stock valued at $153,374,000 after purchasing an additional 1,183,464 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Flex Stock Up 1.2%

FLEX stock opened at $65.67 on Thursday. The stock has a 50-day simple moving average of $63.72 and a two-hundred day simple moving average of $60.49. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $72.22. The firm has a market capitalization of $24.14 billion, a PE ratio of 29.45, a PEG ratio of 1.59 and a beta of 1.24. The company has a quick ratio of 0.88, a current ratio of 1.40 and a debt-to-equity ratio of 0.73.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, February 4th. The technology company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. The company had revenue of $7.06 billion during the quarter, compared to analyst estimates of $6.84 billion. Flex had a net margin of 3.17% and a return on equity of 20.99%. Flex’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the business earned $0.77 earnings per share. Flex has set its FY 2026 guidance at 3.210-3.270 EPS and its Q4 2026 guidance at 0.830-0.890 EPS. On average, equities analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling at Flex

In other news, CFO Kevin Krumm sold 21,406 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total value of $1,310,689.38. Following the transaction, the chief financial officer owned 143,803 shares of the company’s stock, valued at approximately $8,805,057.69. This represents a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $71.97, for a total value of $719,700.00. Following the sale, the chief accounting officer directly owned 27,619 shares of the company’s stock, valued at $1,987,739.43. This represents a 26.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FLEX. Jefferies Financial Group restated a “hold” rating and issued a $23.00 target price on shares of Flex in a research note on Wednesday, November 12th. The Goldman Sachs Group boosted their price objective on Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Flex in a report on Monday, December 29th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, February 15th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Flex presently has an average rating of “Moderate Buy” and a consensus target price of $66.78.

About Flex

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.