Maytus Capital Management LLC Cuts Stock Holdings in Flex Ltd. $FLEX

Maytus Capital Management LLC lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 40.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,000 shares of the technology company’s stock after selling 34,000 shares during the period. Maytus Capital Management LLC’s holdings in Flex were worth $3,021,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its stake in shares of Flex by 18.4% in the 4th quarter. Russell Investments Group Ltd. now owns 293,092 shares of the technology company’s stock valued at $17,713,000 after acquiring an additional 45,557 shares during the period. Captrust Financial Advisors raised its stake in shares of Flex by 9.1% in the 4th quarter. Captrust Financial Advisors now owns 45,343 shares of the technology company’s stock valued at $2,740,000 after acquiring an additional 3,770 shares during the period. Fred Alger Management LLC raised its stake in shares of Flex by 0.7% in the 4th quarter. Fred Alger Management LLC now owns 30,881 shares of the technology company’s stock valued at $1,866,000 after acquiring an additional 210 shares during the period. &PARTNERS raised its stake in shares of Flex by 64.6% in the 4th quarter. &PARTNERS now owns 39,445 shares of the technology company’s stock valued at $2,383,000 after acquiring an additional 15,484 shares during the period. Finally, Siemens Fonds Invest GmbH purchased a new position in shares of Flex in the 4th quarter valued at $320,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group raised their target price on shares of Flex from $84.00 to $177.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Stifel Nicolaus raised their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Wall Street Zen downgraded shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Barclays raised their target price on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research note on Thursday, May 7th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the completion of the transaction, the executive vice president directly owned 73,471 shares of the company’s stock, valued at $11,307,921.61. This trade represents a 30.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Revathi Advaithi sold 114,090 shares of Flex stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $142.37, for a total transaction of $16,242,993.30. Following the completion of the transaction, the chief executive officer directly owned 689,022 shares of the company’s stock, valued at $98,096,062.14. This trade represents a 14.21% 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. Insiders sold 345,012 shares of company stock worth $48,508,103 over the last 90 days. Company insiders own 0.57% of the company’s stock.

Flex Price Performance

FLEX opened at $146.93 on Wednesday. The firm has a market cap of $53.83 billion, a price-to-earnings ratio of 63.06, a PEG ratio of 0.79 and a beta of 1.64. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Flex Ltd. has a twelve month low of $43.62 and a twelve month high of $166.86. The company has a fifty day simple moving average of $119.05 and a 200 day simple moving average of $83.35.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share for the quarter. The company had revenue of $7.48 billion during the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. Equities research analysts expect that Flex Ltd. will post 4.15 EPS for the current fiscal 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.