Corient Private Wealth LLC Sells 8,039 Shares of Flex Ltd. $FLEX

Corient Private Wealth LLC decreased its position in Flex Ltd. (NASDAQ:FLEX) by 27.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 21,559 shares of the technology company’s stock after selling 8,039 shares during the period. Corient Private Wealth LLC’s holdings in Flex were worth $1,303,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock worth $2,341,053,000 after purchasing an additional 25,662,586 shares during the last quarter. Norges Bank acquired a new position in shares of Flex during the 4th quarter worth about $319,756,000. State Street Corp grew its holdings in shares of Flex by 38.0% in the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock valued at $611,997,000 after acquiring an additional 3,377,669 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Flex by 694,916.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,641,062 shares of the technology company’s stock valued at $159,573,000 after acquiring an additional 2,640,682 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in Flex by 141.8% during the fourth quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after acquiring an additional 2,165,780 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Stock Down 5.3%

FLEX stock opened at $153.53 on Thursday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The business’s 50 day simple moving average is $135.77 and its 200 day simple moving average is $90.30. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $56.25 billion, a PE ratio of 65.89, a PEG ratio of 0.85 and a beta of 1.64.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FLEX shares. KeyCorp boosted their price target on Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. The Goldman Sachs Group increased their price target 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. Finally, Stifel Nicolaus lifted their price objective on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $115.70.

Insider Buying and Selling at Flex

In other news, COO Kwang Hooi Tan sold 8,981 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the completion of the sale, the chief operating officer owned 248,546 shares in the company, valued at $36,086,393.74. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total value of $966,796.11. Following the completion of the transaction, the executive vice president directly owned 91,122 shares in the company, valued at $13,233,648.06. The trade was a 6.81% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock worth $110,116,823 in the last ninety days. Insiders own 0.62% of the company’s stock.

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.