Eventide Asset Management LLC Has $13.36 Million Stake in Flex Ltd. $FLEX

Eventide Asset Management LLC decreased its stake in Flex Ltd. (NASDAQ:FLEX) by 37.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 220,510 shares of the technology company’s stock after selling 132,114 shares during the quarter. Eventide Asset Management LLC’s holdings in Flex were worth $13,362,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Entropy Technologies LP lifted its position in Flex by 50.1% in the 4th quarter. Entropy Technologies LP now owns 87,883 shares of the technology company’s stock worth $5,310,000 after buying an additional 29,336 shares in the last quarter. Barclays PLC raised its holdings in Flex by 12.5% in the 4th quarter. Barclays PLC now owns 1,126,713 shares of the technology company’s stock worth $68,076,000 after acquiring an additional 125,045 shares during the period. Brown Advisory Inc. raised its holdings in Flex by 4.6% in the 4th quarter. Brown Advisory Inc. now owns 255,429 shares of the technology company’s stock worth $15,433,000 after acquiring an additional 11,316 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Flex by 46.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 947,295 shares of the technology company’s stock worth $57,236,000 after acquiring an additional 299,422 shares during the period. Finally, Aptus Capital Advisors LLC acquired a new stake in Flex in the 4th quarter worth $255,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 17,500 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $135.93, for a total value of $2,378,775.00. Following the completion of the transaction, the chief operating officer owned 238,543 shares of the company’s stock, valued at approximately $32,425,149.99. This trade represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 83,500 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $132.87, for a total transaction of $11,094,645.00. Following the completion of the transaction, the chief executive officer directly owned 605,522 shares of the company’s stock, valued at approximately $80,455,708.14. This trade represents a 12.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 345,012 shares of company stock valued at $48,508,103 over the last three months. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on FLEX shares. Barclays raised their price target on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Robert W. Baird set a $165.00 price objective on Flex in a research note on Thursday, May 7th. Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Finally, Stifel Nicolaus upped their target price on shares of Flex from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. One 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Stock Performance

FLEX opened at $149.71 on Monday. The firm’s fifty day moving average is $115.87 and its two-hundred day moving average is $82.08. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. The firm has a market cap of $54.85 billion, a PE ratio of 64.25, a price-to-earnings-growth ratio of 0.79 and a beta of 1.63. Flex Ltd. has a twelve month low of $42.83 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last posted 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 company had revenue of $7.48 billion for the quarter. Equities research analysts anticipate that Flex Ltd. will post 4.15 EPS for the current year.

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.